Common use of Financing of the Project Clause in Contracts

Financing of the Project. 1. Allocation of the financing for implementation of the Project shall be defined in the Project budget, hereinafter referred to as the Budget, constituting Appendix No. 1 hereto. 2. The financing for implementation of the Project shall be transferred consistently with the time schedule of tranche payments constituting Appendix No. 3 hereto. The first tranche shall be transferred within 14 days of the receipt of the correctly completed and signed Agreement from the Foundation, however not earlier than on the start day of the period specified in Article 2.1. 3. The second tranche shall be paid following: a) submission by the Project Manager of the correctly completed and full financial report for the second reporting period and progress report for the first reporting period; b) approval of the reports specified in Clause 3 letter a) of this article; c) settlement in the financial report of at least 50% of all funds provided to date (and if less than 50% of all funds provided to date are settled in the financial report – following the Project Manager submitting, along with that report, a justified request for the tranche to be paid and the Foundation granting the request). 4. The receipt of the third and subsequent tranches shall be conditional upon (subject to Clause 5 of this article): a) subsequent submissions by the Project Manager of correctly completed and full financial and progress reports (if the date of payment of a given tranche falls after the date of submission of the progress report), b) approval of the reports specified in Clause 4 letter a) of this article, c) settlement in the financial report of at least 50% of all funds provided to date (and if less than 50% of all funds provided to date are settled in the financial report – upon the Project Manager submitting, along with this report, a justified request for the tranche to be paid and the Foundation granting the request). 5. The last tranche shall be paid following: a) settlement in the financial report of at least 70% of all funds provided to date, b) the Project Manager submitting an updated tranche payment schedule and the Foundation approving the schedule. 6. The tranche payment time schedule referred to in Clause 2 of this article does not take account of the financing earmarked for personal scholarships for students and PhD students that are disbursed according to the rules defined in the agreements referred to in Article 6.5.