Payments to Parties are the exclusive task of the Coordinator In particular, the Coordinator shall: - notify the Party concerned promptly of the date and composition of the amount transferred to its bank account, giving the relevant references - perform diligently its tasks in the proper administration of any funds and in maintaining financial accounts - undertake to keep the Granting Authority’s financial contribution to the Project separated from its normal business accounts, its own assets and property, except if the Coordinator is a Public Body or is not entitled to do so due to statutory legislation. With reference to Article 22 of the Grant Agreement, no Party shall before the end of the Project receive more than its allocated share of the maximum grant amount less the amounts retained by the Granting Authority for the Mutual Insurance Mechanism and for the final payment.
Payments to Parties are the exclusive tasks of the Project Promoter In particular, the Project Promoter shall: - transfer the amounts to parties according to the payment schedule (point 7.3.2); - perform diligently its tasks in the proper administration of any funds; - undertake to keep the Programme Operator financial contribution to the Project separated from its normal business accounts, its own assets and property, except if the Project Promoter is a Public Body or is not entitled to do so due to statutory legislation.
Payments to Parties are the exclusive tasks of the Coordinator In particular, the Coordinator shall: - notify the Party concerned promptly of the date and composition of the amount transferred to its bank account, giving the relevant references - perform diligently its tasks in the proper administration of any funds and in maintaining financial accounts - undertake to keep the Funding Authority's financial contribution to the Project separated from its normal business accounts, its own assets and property, except if the Coordinator is a Public Body or is not entitled to do so due to statutory legislation.
Payments to Parties are the exclusive tasks of the Coordinator. In particular, the Coordinator shall: - notify the Party concerned promptly of the date and composition of the amount transferred to its bank account, giving the relevant references - perform diligently its tasks in the proper administration of any funds and in maintaining financial accounts - undertake to keep the Community financial contribution to the Project separated from its normal business accounts, its own assets and property, except if the Coordinator is a Public Body or is not entitled to do so due to statutory legislation. - After approval of the periodic reports interim payments will follow and will be calculated on the basis of the accepted eligible costs and the corresponding reimbursement rates. The amounts paid for interim payments will correspond to the accepted EU contribution. With reference to Articles 21.2 and 21.3.2 of the Grant Agreement,, the total amount of interim payments + pre-financing will be limited to 90% of each beneficiary’s maximum EU contribution. In accordance with the Grant Agreement project end means the day when the payment of the balance is done by the Funding Authority. It will normally be paid within 90 days from receiving the final report.
Payments to Parties are the exclusive tasks of the Promoter In particular, the Promoter shall: - notify the Party concerned promptly of the date and composition of the amount transferred to its bank account, giving the relevant references - perform diligently its tasks in the proper administration of any funds and in maintaining financial accounts - undertake to keep the Programme Operator financial contribution to the Initiative separated from its normal business accounts, its own assets and property, except if the Promoter is a Public Body or is not entitled to do so due to statutory legislation.
Payments to Parties are the exclusive task of the Coordinator. In particular, the Coordinator shall: − notify the Party concerned promptly of the date and composition of the amount transferred to its bank account, giving the relevant references − perform diligently its tasks in the proper administration of any funds and in maintaining financial accounts − undertake to keep the Granting Authority’s financial contribution to the Project separated from its normal business accounts, its own assets and property, except if the Coordinator is a Public Body or is not entitled to do so due to statutory legislation. With reference to Article 22 of the Grant Agreement, no Party shall before the end of the Project receive more than its allocated share of the maximum grant amount less the amounts retained by the Granting Authority for the Mutual Insurance Mechanism and for the final payment. It is the duty of each Party to provide the Coordinator with up-to-date bank details for the transfer of funding. After approval of the periodic reports interim payments will follow and will be calculated on the basis of the accepted eligible costs and the corresponding reimbursement rates. The amounts paid for interim payments will correspond to the accepted EU contribution. With reference to Article 22 of the Grant Agreement, the total amount of interim payments + pre-financing will be limited to 90 % of each beneficiary’s maximum EU contribution (85 % taking into account 5 % MIM contribution). In accordance with the Grant Agreement, project end means the day when the payment of the balance is done by the Granting Authority.
Payments to Parties are the exclusive tasks of the Coordinator In particular, the Coordinator shall: • notify the Party concerned promptly of the date and composition of the amount transferred to its bank account, giving the relevant references; • perform diligently its tasks in the proper administration of any funds and in maintaining financial accounts; and, • undertake to keep the European Commission’s financial contribution to the Project separated from its normal business accounts, its own assets and property, except if the Coordinator is a Public Body or is not entitled to do so due to statutory legislation. With reference to Articles 21.2 and 21.3 of the Grant Agreement, no Party shall before the end of the Project receive more than its allocated share of the maximum grant amount from which the amounts retained by the European Commission for the Guarantee Fund and for the final payment have been deducted.
Payments to Parties are the exclusive task of the Coordinator In particular, the Coordinator shall: - notify the Party concerned promptly of the date and composition of the amount transferred to its bank account, giving the relevant references; - perform diligently its tasks in the proper administration of any funds and in maintaining financial accounts; - undertake to keep the Funding Authority’s financial contribution to the Action separated from its normal business accounts, its own assets and property, except if the Coordinator is a Public Body or is not entitled to do so due to statutory legislation. With reference to Articles 21.2 and 21.3.2 of the Grant Agreement, no Party shall before the end of the Action receive more than its allocated share of the maximum grant amount from which the amounts retained by the Funding Authority for the Guarantee Fund and for the final payment have been deducted.
Payments to Parties. Payments to the Parties from the financial contribution of the Funding Authority are the exclusive tasks of the Coordinator. In particular, the Coordinator shall: • notify the Parties concerned promptly of the date and composition of the amount transferred to its bank account, giving the relevant references • perform diligently its tasks in the proper administration of any funds and in maintaining financial accounts • undertake to keep the Funding Authority’s financial contribution to the Project separated from its normal business accounts, its own assets and property, except if the Coordinator is a Public Body or is not entitled to do so due to statutory legislation. The Funding Authority conducts prepayments from which the amounts retained for the Guarantee Fund and for the final payment have been deducted. Throughout the project, owing to these prepayments, the Parties are provided with a float. Accordingly, the Coordinator shall distribute among the Parties their prepayments calculated as their shares of the overall prepayments transferred to the Coordinator’s bank account by the Funding Authority. With reference to Articles 21.2 and 21.3.2 of the Grant Agreement, no Party shall before the end of the Project receive all of its allocated share of the maximum grant amount. Any bank fees resulting from the transfer of funds to the Parties from the financial contribution of the Fund- ing Authority shall be borne by the parties which receive these funds, and not by the coordinator.
Payments to Parties. Payments to Parties are the exclusive tasks of the Coordinator. ln particular, the Coordinator shall: • Notify the Party concerned promptly of the date and composition of the amount transferred to its bank account, giving the relevant references, • Perform diligently its tasks in the proper administration of any funds and in maintaining financial accounts, • Undertake to keep the Community financial contribution to the Project separated from its normal business accounts, its own assets and property, except if the Coordinator is a Public Body or is not entitled to do so due to national legislation. ,, Payment schedule Ali payments shall be made without undue delay after receipt by the Coordinator of funds from the JU or the EC in accordance with the accepted decisions of the Steering Committee on the Consortium Budget, which includes the payment schedule. The Coordinator is not obliged to forward the payments to Parties until the duly signed original of the bank account identification is received by the Coordinator. The Bank account ,dentification shall bear a signature and a stamp of the bank official and a signature and a stamp of the authorized financial officer of the Party. Payments to Parties will be handled according to the following two principles: • Pre-financing in respect of future work will be fully distributed to the Parties. • Payments for past performance approved by the JU or the EC will be compared with the pre-financing given to a Party for such past performance; the difference due will be paid to the Party concerned or withhold from the Party by the Coordinator in case of surplus of pre-financing. Payments shall be done in a way that parties have covered by the remaining pre-financing the same portion of costs planned for the next period. The Party with surplus of pre-financing shall transfer the requested sum to the Coordinators' bank account within 15 days after receiving the written request from the Coordinator. The Coordinator is entitled to withhold any payment due to a Defaulting Party. The Coordinator is entitled to recover any sum already paid to a Defaulting Party for services not performed or materials not provided.
