Common use of Payments to Parties Clause in Contracts

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 task of the CoordinatorCoordinator It is the duty of each Party to provide the Coordinator with up-to-date bank details for the transfer of funding. 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.