Common use of Financial Consequences of the termination of the participation of a Party Clause in Contracts

Financial Consequences of the termination of the participation of a Party. A Party leaving the consortium shall refund to the Project Director (PD) any payments it has received except the amount of contribution accepted by the Granting Authority or another contributor. In addition, a Defaulting Party shall, within the limits specified in Section 5.2 of this Consortium Agreement, bear any reasonable and justifiable additional costs occurring to the other Parties in order to perform the leaving Party´s task and necessary additional efforts to fulfil them as a consequence of the Party leaving the consortium. The Coordination Committee should agree on a procedure regarding additional costs which are not covered by the Defaulting Party or the Mutual Insurance Mechanism.

Financial Consequences of the termination of the participation of a Party. A Party leaving the consortium shall refund to the Project Director (PD) Coordinator any payments it has received except the amount of contribution accepted by the Granting Authority or another contributor. In addition, a Defaulting Party shall, within the limits specified in Section 5.2 of this Consortium Agreement, bear any reasonable and justifiable additional costs occurring to the other Parties in order to perform the leaving Party´s task and necessary additional efforts to fulfil them as a consequence of the Party leaving the consortium. The Coordination Steering Committee should agree on a procedure regarding additional costs which are not covered by the Defaulting Party or the Mutual Insurance Mechanism.

Financial Consequences of the termination of the participation of a Party. A Party leaving the consortium shall refund to the Project Director (PD) Coordinator any payments it has received except the amount of contribution accepted by the Granting Authority or another contributor. In addition, a Defaulting Party shall, within the limits specified in Section 5.2 of this Consortium Agreement, bear any reasonable and justifiable additional costs occurring to the other Parties in order to perform the leaving Party´s task and necessary additional efforts to fulfil them as a consequence of the Party leaving the consortium. The Coordination Committee Project Management Board (PMB) should agree on a procedure regarding additional costs which are not covered by the Defaulting Party or the Mutual Insurance Mechanism. For the avoidance of doubt, this section is applicable to the Associated Partners too.

Financial Consequences of the termination of the participation of a Party. A Party leaving the consortium shall refund to the Project Director (PD) Coordinator any payments it has received except the amount of contribution accepted by the Granting Authority or another contributor. In addition, a Defaulting Party shall, within the limits specified in Section 5.2 of this Consortium Agreement, bear any reasonable and justifiable additional costs occurring to the other Parties in order to perform the leaving Party´s task and necessary additional efforts to fulfil them as a consequence of the Party leaving the consortium. The Coordination Committee Steering committee should agree on a procedure regarding additional costs which are not covered by the Defaulting Party or the Mutual Insurance Mechanism. 7.2.1 Payments to Parties are the exclusive task of the Coordinator