- FINANCIAL PENALTIES. By virtue of the Financial Regulation applicable to the Agency, any partner declared to be in grave breach of his obligations shall be liable to financial penalties of between 2% and 10% of the value of the grant in question, with due regard for the principle of proportionality. This rate may be increased to between 4% and 20% in the event of a repeated breach in the five years following the first. The consortium shall be notified in writing of any decision by the Agency to apply such financial penalties.
Appears in 7 contracts
Samples: Framework Partnership Agreement, Framework Partnership Agreement, Partnership Agreement
