Common use of – Financial management and payment arrangements Clause in Contracts

– Financial management and payment arrangements. 1. Payment of the project grant share to the Project Partner shall take the form of [specify the applicable forms of payments: advance payments, reimbursement of incurred expenditure (interim payments) and payment of the final balance]. 2. [If an advance payment is foreseen, its maximum amount and the off-set mechanism should be specified here]. 3. [If applicable] The advance payment to the Project Partner shall be made no later than [number of working days] of the crediting of the advance payment from the Programme to the Project Promoter’s bank account. 4. Interim payments shall be paid based on [specify how the Project Partner is to claim expenditure from the Project Promoter and if a template shall be used to that effect. If so, the template should be annexed to the Partnership Agreement. If no templates are foreseen, then the provision should specify, with as much detail as possible, the content of the payment claims]. Payment claims shall be submitted to the Project Promoter [specify the monthly frequency or specific deadlines], along with a confirmation from [responsible person within the Project Partner, e.

– Financial management and payment arrangements. 1. Payment of the project grant share to the Project Partner shall take the form of [specify the applicable forms of payments: advance payments, reimbursement of incurred expenditure (interim payments) and payment of the final balance]. 2. [If an advance payment is foreseen, its maximum amount and the off-set mechanism should be specified here]. 3. [If applicable] The advance payment to the Project Partner shall be made no later than [number of working days] of the crediting of the advance payment from the Programme Operator to the Project Promoter’s bank account. 4. Interim payments shall be paid based on [specify how the Project Partner is to claim expenditure from the Project Promoter and if a template shall be used to that effect. If so, the template should be annexed to the Partnership Agreement. If no templates are foreseen, then the provision should specify, with as much detail as possible, the content of the payment claims]. Payment claims shall be submitted to the Project Promoter [specify the monthly frequency or specific deadlines], along with a confirmation from [responsible person within the Project Partner, e.