Coordinator accounting Sample Clauses

Coordinator accounting. 7.1.2.1 As opening a separate bank account is not permitted, the Coordinator shall identify in its accounts the payments from the Commission to the Project and provide all required justifications upon the release of the funds.
Sample 1
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Coordinator accounting. Where permitted by law, the Coordinator shall open a separate bank account in EURO to receive the payments from the Commission and to forward payments to the Contractors or any other payment proposed by the Executive Committee. Such bank account shall be closed when all the payments have been made and in any event by no later than one (1) year after the termination of this Consortium Agreement. Where opening a separate bank account is not permitted by law, the Coordinator shall identify in its accounts the payments from the Commission to the Project and provide all required justifications upon the release of the funds. The Coordinator shall report any interest yielded from the advance payments from the Commission that shall be later deducted from any subsequent payments from the Commission. The Coordinator may request for a bank guarantee to be provided by a Contractor, other than Public bodies, international organisations or participants whose participation in the Project is guaranteed by a Member State or by an Associated State. The Contractors respective financial officers shall provide the Coordinator with the complete references of the bank account of the legal institutions signing the ACCESSION TO THE CONTRACT form.
Sample 1

Related to Coordinator accounting

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