Financial corrections. 12.1 By virtue of the Financial Regulation applicable to the general budget of the European Communities, any beneficiary declared to be in grave breach of his/her obligations shall be liable to financial corrections of between 2% and 10% of the value of the grant in question, with due regard for the principle of proportionality.
Financial corrections. 1. The FMO may make financial corrections based on the criteria in Article 11.4 consisting of cancelling all or part of the financial contribution of the EEA and Norwegian Financial Mechanisms 2014-2021 to the Programme.
Financial corrections. (1) In the case of decentralised management, in order to ensure that the funds are used in accordance with the applicable rules, the Commission shall apply clearance-of- accounts procedures or financial correction mechanisms in accordance with Article 53b(4) and 53c(2) of the Financial Regulation and as detailed in Sectoral Agreements or Financing Agreements.
Financial corrections. 4.9.1 If the Contractor has breached any of its obligations under this Agreement, ECMWF may apply financial corrections by excluding payments, in proportion to the seriousness of the breach. When calculating the amount and setting the modalities for the application of the reduction, ECMWF may take into account the nature and gravity of the breach of the obligation, and/or its impact on the Services and on the capacity to implement the Services.
Financial corrections. In order to ensure that the funds are used in accordance with the applicable rules, the European Commission shall apply clearance-of- accounts procedures or financial correction mechanisms in accor- dance with Article 53c (2) of the Financial Regulation and as detai- led in the Framework Agreement concluded between the European Commission and the Beneficiary Country. A financial correction may arise following:
Financial corrections. In the case of decentralised management, in order to ensure that the funds are used in accordance with the applicable rules, the Commission shall apply clearance-of-accounts procedures or financial correction mechanisms in accordance with Article 53b(4) and 53c(2) of the Financial Regulation and as detailed in Sectoral Agreements or Financing Agreements. A financial correction may arise following either: identification of a specific irregularity, including fraud; identification of a weakness or deficiency in the management and control systems of the Beneficiary; If the Commission finds that expenditure under the programmes covered by IPA has been incurred in a way that has infringed applicable rules, it shall decide what amounts are to be excluded from Community financing. The calculation and establishment of any such corrections, as well as the related recoveries, shall be made by the Commission, following the criteria and procedures provided for in Articles 32, 33 and 34 below. Provisions on financial corrections which have been set down in Sectoral Agreements or Financing Agreements shall apply in addition to this Framework Agreement.
Financial corrections. 18.1 As a result of the decision of the FMC or NFP to apply a financial correction consisting in the cancellation of the whole or part of project grant amount in accordance with Article 13.3 of the Regulations, the Programme Operator can decide to apply a financial correction to the Project Promoter.
Financial corrections. 22.1 Without prejudice to the recovery envisaged in Article II.16, where the National Agency is in breach of any of its obligations under this Agreement, and in particular where the Action (i) is not implemented, (ii) is not implemented in line with the Agreement or (iii) is implemented partially or late, the European Commission may, after allowing the National Agency to submit observations, apply financial corrections by excluding expenditure from Union financing or by reducing the EU contribution to management costs, the EU contribution to networks or the EU contribution to grant support, in proportion to the seriousness of the breach.
Financial corrections. 23.1 Without prejudice to the recovery envisaged in Article II.17, the European Commission shall make financial corrections on the EU contribution to the National Agency in order to exclude expenditure incurred in breach of applicable law from Union financing.
Financial corrections. In order to ensure that the funds are used in accordance with the applicable rules, in Croatia the Commission shall apply clearan- ce-of-accounts procedures or financial correction mechanisms in accordance with Article 53c (2) of the Financial Regulation and as detailed in the Framework Agreement concluded between the Co- mmission and Croatia. A financial correction may arise following:
