Common use of Progress and Financial Reports Clause in Contracts

Progress and Financial Reports. The Project Partner is obliged to submit a report on the project within five (5) working days after the end of each reporting period. The first reporting period is the period of four months since the Agreement between the Program Operator and the Project Promoter enters into the force. All other reporting periods will be submitted on the quarterly basis (4 months) unless reports are merged. Expenditures incurred before the entry into force of the Project Agreement will be included in the first month of the first Reporting Period. Merging of Interim reports can appear when the full Interim report was not delivered to Program Operator on time; when the Interim Report was disapproved, or the approval process was put on hold and/or other similar cases. The Interim Report on the project from a period covering the month of December of the calendar year is the annual report of the project. The final report on the project shall be submitted by the Project Partner within fifteen (15) working days from the expiry of the relevant Reporting period.