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. 12.2 This rate may be increased to between 4% and 20% in the event of a repeated breach in the five years following the establishment of the first. 12.3 Where the beneficiary has made false declarations regarding the lump sum or flat-rate financing, the NA may impose financial corrections up to 50% of the total amount of the lump sum or flat-rate financing. 12.4 The beneficiary shall be notified in writing of any decision by the NA to apply such financial corrections.
Appears in 10 contracts
Samples: Grant Agreement, Grant Agreement, Grant Agreement
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.
12.2 This rate may be increased to between 4% and 20% in the event of a repeated breach in the five years following the establishment of the first.
12.3 Where the beneficiary has made false declarations regarding the lump sum or flat-flat- rate financing, the NA may impose financial corrections up to 50% of the total amount of the lump sum or flat-rate financing.
12.4 The beneficiary shall be notified in writing of any decision by the NA to apply such financial corrections.
Appears in 4 contracts
Samples: Grant Agreement, Grant Agreement, Grant Agreement
