Common use of Payment flows Clause in Contracts

Payment flows. The Programme Operator shall ensure that funds are available for payments to projects in a timely manner. Payments of the project grant shall take the form of advance payments, interim payments and final payments. The level of advance payment and interim payments to PPs shall be set out in the project contract. The maximum level of advance payment shall be linked to the project budget and duration as follows: Project Implementation Duration Advance Payment First Interim Payment Second Interim Payment Third In terim Payment Fourth Inter im Payment Fifth Interim Payment ≤12 Months 80% 20% - - - - 12-18 Months 40% 30% 30% - - - 18-24 Months 30% 30% 30% 10% - - 24-36 Months 20% 20% 20% 20% 20% - >36 Months 20% 20% 20% 20% 10% 10% Notwithstanding the above description of the financial flows, the Programme Operator shall ensure that, in the case of projects implemented by or in partnership with international organisations, or a body or an agency thereof, advance payments and all subsequent payments to the project from the Programme are sufficient to ensure that pre-financing requirements can be met and that all payments due to the international organisation, or a body or an agency thereof, are made without delay. An advance payment of a percentage of the total grant amount shall be paid within 15 working days upon submission of a request after signature of the project contract. The interim payments shall be paid within 15 working days after the PO approved the payments. The level of the interim payments described above is indicative and will be set according to the needs of the projects in the project contract. In exceptional and well-justified cases, the Programme Operator may waive this requirement and make the interim payment. Upon approval of the final project report a final balance payment, if applicable, shall be made within 15 working days. In case of euro-denominated contracts with entities from Donor States or with intergovernmental organizations, the Programme Operator shall transfer the amounts in euro.

Payment flows. The Programme Operator shall ensure that funds are available for payments to projects in a timely manner. Payments of the project grant shall take the form of advance payments, interim payments and final payments. The level of advance payment and interim payments to PPs shall be set out in the project contract. The maximum level of advance payment shall be linked to the project budget and duration as follows: Project Implementation Duration Advance Payment First Interim Payment Second Interim Payment Third In terim Interim Payment Fourth Inter im Interim Payment Fifth Interim Payment ≤12 Months 80% 20% - - - - 12-18 Months 40% 30% 30% - - - 18-24 Months 30% 30% 30% 10% - - 24-36 Months 20% 20% 20% 20% 20% - >36 Months 20% 20% 20% 20% 10% 10% Notwithstanding the above description of the financial flows, the Programme Operator shall ensure that, in the case of projects implemented by or in partnership with international organisations, or a body or an agency thereof, advance payments and all subsequent payments to the project from the Programme are sufficient to ensure that pre-financing requirements can be met and that all payments due to the international organisation, or a body or an agency thereof, are made without delay. An advance payment of a percentage of the total grant amount shall be paid within 15 working days upon submission of a request after signature of the project contract. The interim payments shall be paid within 15 working days after the PO approved the payments. The level of the interim payments described above is indicative and will be set according to the needs of the projects in the project contract. In exceptional and well-justified cases, the Programme Operator may waive this requirement and make the interim payment. Upon approval of the final project report a final balance payment, if applicable, shall be made within 15 working days. In case of euro-denominated contracts with entities from Donor States or with intergovernmental organizations, the Programme Operator shall transfer the amounts in euro.

Payment flows. The Programme Operator shall ensure that funds are available for payments to projects in a timely manner. Payments of the project grant shall take the form of advance payments, interim payments and final payments. The level of advance payment and interim payments to PPs shall be set out in the project contract. The maximum level of advance payment shall be linked to the project budget and duration as follows: Project Implementation Duration Advance Payment First Interim Payment Second Interim Payment Third In terim Payment Fourth Inter im Payment Fifth Interim Payment ≤12 Months 80% 20% - - - - 12-18 Months 40% 30% 30% - - - 18-24 Months 30% 30% 30% 10% - - 24-36 Months 20% 20% 20% 20% 20% - >36 Months 20% 20% 20% 20% 10% 10% Notwithstanding the above description of the financial flows, the Programme Operator shall ensure that, in the case of projects implemented by or in partnership with international organisations, or a body or an agency thereof, advance payments and all subsequent payments to the project from the Programme are sufficient to ensure that pre-financing requirements can be met and that all payments due to the international organisation, or a body or an agency thereof, are made without delay. An advance payment of a percentage of the total grant amount shall be paid within 15 working days upon submission of a request after signature of the project contract. For additional resources allocated to already approved projects due to a programme modification, an advance payment of up to 100% can be provided by the Programme Operator. The interim payments shall be paid within 15 working days after the PO approved the payments. The level of the interim payments described above is indicative and will be set according to the needs of the projects in the project contract. In exceptional and well-justified cases, the Programme Operator may waive this requirement and make the interim payment. Upon approval of the final project report a final balance payment, if applicable, shall be made within 15 working days. In case of euro-denominated contracts with entities from Donor States or with intergovernmental organizations, the Programme Operator shall transfer the amounts in euro.