Common use of - FINANCIAL PENALTIES Clause in Contracts

- FINANCIAL PENALTIES. II.12.1 By virtue of the Financial Regulation applicable to the General Budget of the European Union, any beneficiary declared to be in grave breach of his obligations may be subject to financial penalties of between 2% and 10% of the value of the grant in question, with due regard for the principle of proportionality. II.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 first. II.12.3 Where the beneficiary has made false declarations regarding the lump sum or flat-rate financing, the Agency may impose financial penalties up to 50% of the total amount of the lump sum or flat-rate financing. II.12.4 The beneficiary shall be notified in writing of any decision by the Agency to apply such financial penalties.

- FINANCIAL PENALTIES. II.12.1 By virtue of the Financial Regulation applicable to the General Budget of the European Union, any beneficiary declared to be in grave breach of his obligations may be subject to financial penalties of between 2% and 10% of the value of the grant in question, with due regard for the principle of proportionality. II.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. II.12.3 Where the beneficiary has made false declarations regarding the lump sum or flat-rate financing, the Agency may impose financial penalties up to 50% of the total amount of the lump sum or flat-rate financing. II.12.4 The beneficiary shall be notified in writing of any decision by the Agency to apply such financial penalties.