Budget details and Payment Forecast by Partner Sample Clauses

Budget details and Payment Forecast by Partner. 1. The Lead Partner is the sole responsible party to the INTERREG IVC Managing Authority and Monitoring Committee for the budgetary and financial management of the project. The Lead Partner shall be responsible for the realisation and the transfer of payment claims to its partners as well as for an application for reallocation between budget components by the partner as defined in the Subsidy Contract Section 2.2. For each financial report, following the payment of programme funds to the Lead Partner, the Lead partner shall transfer immediately the sums assigned to each partner. No deduction, retention or further specific charge shall be made. 2. The Lead Partner must ensure the correctness of the accounting and financial reports and documents drawn up by the partners. The Lead Partner may request further information, documentation and evidence from the partners to that effect. 3. Each partner shall be held responsible for its budget up to the amount as to which the partner participates in the project and pledges to release its part of the co‐funding. 4. The project partners commit themselves to respect the budget by budget line and component and payment forecast by partner according to the table in Xxxxx XXX of this Agreement. 5. Each partner commits to keeping separate accounting system solely used for the project as defined in § 1. The accounts shall provide for registration in Euros (EUR; €) of total expenses (expenditure) and of the return (income) related to the project. Accounting reports or other documents, including copies of all background documentation (invoices, documents related to tender, bank statements, etc.) shall be submitted to the Lead Partner, in accordance with the schedule and requirements stipulated by the Lead Partner. In accordance with Article 4 of the Subsidy Contract, only expenditure paid and borne by organisations listed as partners in the approved latest version of the Application Form are eligible to ERDF and Norwegian co‐financing. 6. In default of evidence or in the event of non‐fulfilment of the rules concerning eligibility of expenditure, the Lead Partner shall ask the partners to redraft the submitted financial documents. In case of repeated non‐fulfilment, the Lead Partner shall be entitled to deny the expenditure declared by a partner. In that case, the Lead Partner is obliged to inform the partner concerned on the denial of the expenditure declared and the motivation thereto; also, the Managing Authority/Joint Techn...
Sample 1
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Budget details and Payment Forecast by Partner. 1. The Lead Partner is the sole responsible party to the INTERREG IVC Managing Authority and Monitoring Committee for the budgetary and financial management of the project. The Lead Partner shall be responsible for the realisation and the transfer of payment claims to its pro- ject partners as well as for an application for reallocation between budget components by the project partner as defined in the Subsidy Contract, Section 2. 2. For each financial report, fol- lowing the payment of programme funds to the Lead Partner, the Lead partner shall transfer immediately the sums assigned to each project partner. No deduction, retention or further specific charge shall be made; however, the right to suspend payments as referred to in Arti- cle 8.4 shall remain unaffected.
Sample 1

Related to Budget details and Payment Forecast by Partner

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