Disbursement Procedure. 3.1 After entering into the contract, but no later than with the first request for disbursement, the Recipient shall submit a schedule of financial requirements drawn up in the contract currency (see specimen in Annex 3) with quarterly amounts for the entire term of the contract, unless this has already been submitted when the contract was entered xxxx.Xx accordance with the schedule of financial requirements, the Recipient shall request quarterly disbursements in the contract currency to the amount of the expected financial requirement for the following quarter, taking into account any funds still available. The call for each disbursement shall be submitted in one copy originally signed and must include the project number and the contract number (see specimen in Annex 3). The disbursement can only be made, if the funds are provided to GIZ by the commissioning party. 3.2 The amount of EUR (10% of the contract value) shall be withheld from disbursement. The amount withheld shall be disbursed with the final request for disbursement as soon as all obligations by the Recipient arising from the Agreement, in particular those regarding the evidence of use of the funds for the purpose stipulated and the reporting, have been met. 3.3 All payments by the GIZ shall be made into the Recipient’s account: Account holder: Name and place of bank: Account number: Account currency: Bank code: Swift code:
Appears in 4 contracts
Samples: Grant Agreement, Grant Agreement, Grant Agreement
