Distribution of interim payments Sample Clauses

Distribution of interim payments. The distribution of the interim payments to Parties shall be in accordance with the detailed procedures to be decided by the General Assembly and the principles set out below: • Interim payments shall be distributed between the Parties by the Coordinator using the agreed internal funding rates (set out in Attachment 7) applied to the costs declared by the Parties/Linked Third Parties in periodic individual financial statements and accepted by the Commission – although the financial statements include a requested Commission contribution calculated in accordance with the EC single rate of 55%. • Given that the internal funding rates used in the Consortium Agreement are different from the single rate used by the Commission , there may be circumstances where the amount of the interim payment transferred by the Commission (and calculated on the basis of the single funding rate) to the Coordinator is lower or higher than the amount calculated using the internal funding rates set out in the Consortium Agreement. If the interim payment received by the Coordinator is higher than the amount calculated using the Consortium Agreement's internal funding rates, the balance will be retained in the Coordinator‘s bank account for distribution to the Parties at the next reporting period. If the interim payment received by the Coordinator is lower than the amount of interim payment calculated using the Consortium Agreement's funding rates, (and if no balance has been retained from the previous reporting period), then the shortfall of the interim payment will be corrected in the next reporting periods. Parties shall distribute the interim payments to their Linked Third Party/ies, if any, after it has received it from the Coordinator.
Sample 1
AutoNDA by SimpleDocs

Related to Distribution of interim payments

  • Interim payments Interim payments are intended to reimburse the beneficiary for expenditure on the basis of a detailed statement of the costs incurred, once the action has reached a certain level of completion. It may clear all or part of any pre-financing. By the appropriate deadline indicated in Article I.5, the beneficiary shall submit a request for interim payment accompanied by the following documents: - an interim report on implementation of the action; - an interim financial statement of the eligible costs actually incurred, following the structure of the estimated budget; - where required by the provisions of Article I.4 on interim payment, a certificate on the action's financial statements and underlying accounts, produced by an approved auditor or, in case of public bodies, by a competent and independent public officer. The certificate shall certify, in accordance with a methodology approved by the Commission, that the costs declared by the beneficiary in the financial statements on which the request of payment is based are real, accurately recorded and eligible and that all receipts have been declared, in accordance with the agreement. The documents accompanying the request for payment shall be drawn up in accordance with the relevant provisions in Article I.5 and the annexes. The beneficiary shall certify that the information provided in his request for payment is full, reliable and true. He shall also certify that the costs incurred can be considered eligible in accordance with the agreement, that all receipts have been declared, and that his request for payment is substantiated by adequate supporting documents that can be checked. On receipt of these documents, the Commission shall have the period specified in Article I.4 in order to: - approve the interim report on implementation of the action; - ask the beneficiary for supporting documents or any additional information it deems necessary to allow the approval of the report; - reject the report and ask for the submission of a new report. Failing a written reply from the Commission within the time limit for scrutiny indicated above, the report shall be deemed to have been approved. Approval of the report accompanying the request for payment shall not imply recognition of the regularity or of the authenticity, completeness and correctness of the declarations and information it contains. Requests for additional information or a new report shall be notified to the beneficiary in writing. If additional information or a new report is requested, the time limit for scrutiny shall be extended by the time it takes to obtain this information. The beneficiary shall be informed of that request and the extension of the delay for scrutiny by means of a formal document. The beneficiary shall have the period laid down in Article I.4 to submit the information or new documents requested. Extension of the delay for approval of the report may delay the payment by the equivalent time. Where a report is rejected and a new report requested, the approval procedure described in this article shall apply. In the event of renewed rejection, the Commission reserves the right to terminate the agreement by invoking Article II.11.2 (b).

  • Distribution of Overtime Overtime shall be distributed as equally as feasible among qualified employees customarily performing the kind of work required, and currently assigned to the work unit in which the overtime is to be worked. When the assignment of overtime work causes an unusual burden upon the employee, the employee shall not be required to work overtime unless the absence would cause the Agency to be unable to meet its responsibilities.

  • DECLARATION OF INTEREST 1. No bid will be accepted from persons in the service of the state¹.

  • Calculation of Interest The rate of interest on each Loan for each Interest Period is the percentage rate per annum which is the aggregate of the applicable:

  • Scheduling Payments Funds must be available in your Bill Payment Account on the scheduled payment date. If the date you schedule a payment to be initiated falls on a non-Business Day (Saturday, Sunday, or holiday), funds must be available in your Bill Payment Account the following Business Day (e.g. Monday). After funds are withdrawn from your Bill Payment Account to make a payment, we may make the payment either by transferring funds electronically (using the Federal Reserve Banks’ ACH system) to the payee or by mailing the payee a check. Payments scheduled via bill pay will be delivered in two (2) to five (5) Business Days, depending on the method. For payees that accept electronic payments, they will receive the payment within two (2) Business Days after the scheduled send on date. If the payee does not accept electronic payments, a check will be issued and mailed to the address you provide. This is a default method used to ensure that the delivery of the payment is made, even if we’re (bill pay provider) is unable to validate the payee, address or account number. The funds are debited from the linked account one (1) to two (2) Business Days after the send on date. While we will make commercially reasonable efforts to deliver your payments made through the Bill Payment Service by the designated delivery date, you acknowledge that circumstances beyond our control may cause delays in the delivery, handling, or posting of payment. YOU ACKNOWLEDGE AND AGREE THAT IT IS YOUR RESPONSIBILITY TO PREVENT ANY DELAY IN THE DELIVERY OF PAYMENTS, AND YOU CAN PREVENT SUCH DELAYS BY SCHEDULING DELIVERY OF YOUR PAYMENT IN ADVANCE OF YOUR PAYEE’S ACTUAL DUE DATE. WE ARE NOT RESPONSIBLE FOR ANY DELAYS CAUSED BY THE POSTAL SERVICE, YOUR PAYEE, OR ANY OTHER PARTY BEYOND OUR REASONABLE CONTROL.

  • Variation of interest and charges We are entitled, in our reasonable discretion, to vary or determine, at any time and from time to time, the amounts, rates, types and/or basis of calculation of all interests, fees and charges payable by you under this agreement after giving reasonable notice. Without prejudice to the foregoing, such notice of changes of interests, fees and charges may be contained in the statement of account, which shall be effective from such date as we may specify. We may debit the same to your card account and/ or request that you pay the same on demand as we may deem fit.

  • Single Payments A single payment will be processed on the business day (generally Monday through Friday, except certain holidays) that you designate as the payment’s processing date, provided the payment is submitted prior to the daily cut-off time on that date. The daily cut-off time, which is controlled by the Bank, is currently 4:00 p.m.

  • Computation of Interest Except as otherwise specified as contemplated by Section 301 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months.

  • Interim payment At the end of each of the periods indicated in Annex I the Contractor shall submit to the Agency a formal request for payment accompanied by those of the following documents which are provided for in the Special Conditions: ➢ an interim technical report in accordance with the instructions laid down in Xxxxx X; ➢ the relevant invoices indicating the reference number of the Contract and of the order or specific contract to which they refer;

  • Lump Sum Payments If, during the Employment Period, the Company terminates the Executive's employment other than for Cause, or the Executive terminates employment for Good Reason, the Company shall pay to the Executive the following amounts:

Time is Money Join Law Insider Premium to draft better contracts faster.