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.
Appears in 14 contracts
Samples: Grant Agreement, Grant Agreement, Grant Agreement
Financial corrections. 12.1 12.1. By virtue of the Financial Regulation applicable to the general budget General Budget of the European Communities, any beneficiary declared to be in grave breach of his/her his obligations shall be liable to financial corrections penalties of between 2% and 10% of the value of the grant in question, with due regard for the principle of proportionality.
Appears in 1 contract
Samples: Grant Agreement
