Common use of Excess Payments Clause in Contracts

Excess Payments. A Party has received excess payment a) if the payment received from the Coordinator exceeds the amount declared or b) if a Party has received payments but, within the last year of the Project, its real Project costs fall significantly behind the costs it would be entitled to according to the Consortium Plan. In case a Party has received excess payment, the Party has to inform the Coordinator and return the relevant amount to the Coordinator without undue delay. In case no refund takes place within 30 days upon request for return of excess payment from the Coordinator, the Party is in substantial breach of the Consortium Agreement. Amounts which are not refunded by a breaching Party and which are not due to the Granting Authority, shall be apportioned by the Coordinator to the remaining Parties pro rata according to their share of total costs of the Project as identified in the Consortium Budget, until recovery from the breaching Party is possible.

Excess Payments. A Party has received excess payment a) if the payment received from the Coordinator exceeds the amount declared or b) if a Party has received payments but, within the last year of the Project, its real Project costs fall significantly behind the costs it would be entitled to according to the Consortium Plan. In case a Party has received excess payment, the Party has to must inform the Coordinator and return the relevant amount to the Coordinator without undue delay. In case no refund takes place within 30 days upon written request for return of excess payment from the Coordinator, the Party is in substantial breach of the Consortium Agreement. Amounts which are not refunded by a breaching Party Party, and which are not due to the Granting Authority, shall be apportioned by the Coordinator to the remaining Parties pro rata according to their share of total costs of the Project as identified in the Consortium Budgetbudget, until recovery from the breaching Party is possible.