Common use of Financing of the Project Clause in Contracts

Financing of the Project. 11.1 The Project will be financed in accordance with the Project Budget as included in the Project Plan. All amounts are in Euro’s and excluding VAT or any other taxes. 11.2 All in kind and in-cash contributions to be made to the Project by each of the Parties are specified in Annex 1 to this Consortium Agreement. Each Party shall only be responsible for making its own contribution as specified in Annex 1. The Knowledge Institute shall send invoices to each Partner separately for the amount due by such Partner according to the Project Budget for such year. In case no payment schedule is included payment will be due at the start of each Project year. In case of financing by governmental bodies a declaration can be send to such governmental bodies instead of an invoice. Invoices/declarations will be paid within 30 days of receipt thereof. 11.3 In accordance with its own usual accounting and management principles and practices - which may be verified by the TKI or the Ministry - each Party shall be solely responsible for justifying its costs and/or contributions with respect to the Project. Each Party shall provide the Coordinator with a Director’s Statement with regard to its justified costs regarding a calendar year, before 1 March of the subsequent calendar year. This Director’s Statement shall be signed by a Party’s legal representative. A template Director’s Statement can be obtained from the Coordinator. Parties receiving an aggregate TKI-toeslag (as defined by the TKI) of EUR 125.000,- or more shall be required to provide an audit certificate with regard to the expenditure thereof at its own costs.

Financing of the Project. 11.1 The Project will be financed in accordance with the Project Budget as included in the Project Plan. All amounts are in Euro’s and excluding VAT or any other taxes. 11.2 All in kind and in-cash contributions to be made to the Project by each of the Parties are specified in Annex 1 to this Consortium Agreement. Each Party shall only be responsible for making its own contribution as specified in Annex 1. The respective Knowledge Institute Institute(s) shall send invoices to each Partner separately for the amount due by such Partner according to the Project Budget for such year. In case no payment schedule is included payment will be due at the start of each Project year. In case of financing by governmental bodies a declaration can will be send to such governmental bodies instead of an invoice. Invoices/declarations will be paid within 30 days of receipt thereof. 11.3 In accordance with its own usual accounting and management principles and practices - which may be verified by the TKI or the Ministry - each Party shall be solely responsible for justifying its costs and/or contributions with respect to the Project. Each Party shall provide the Coordinator with a Director’s Statement with regard to its justified costs regarding a calendar year, before 1 March of the subsequent calendar year. This Director’s Statement shall be signed by a Party’s legal representative. A template Director’s Statement can be obtained from the Coordinator. Parties receiving an aggregate TKI-toeslag (as defined by the TKI) of EUR 125.000,- or more shall be required to provide an audit certificate with regard to the expenditure thereof at its own costs.

Financing of the Project. 11.1 The Project will be financed in accordance with the Project Budget as included in the Project Plan. All amounts are in Euro’s and excluding VAT or any other taxes. 11.2 All in kind and in-cash contributions to be made to the Project by each of the Parties are specified in Annex 1 to this Consortium Agreement. Each Party shall only be responsible for making its own contribution as specified in Annex 1. The Knowledge Institute shall send invoices to each Partner separately for the amount due by such Partner according to the Project Budget for such year. In case no payment schedule is included payment will be due at the start of each Project year. In case of financing by governmental bodies a declaration can be send to such governmental bodies instead of an invoice. Invoices/declarations will be paid within 30 days of receipt thereof. 11.3 In accordance with its own usual accounting and management principles and practices - which may be verified by the TKI or the Ministry - each Party shall be solely responsible for justifying its costs and/or contributions with respect to the Project. Each Party shall provide the Coordinator with a Directordirector’s Statement statement with regard to its justified costs regarding a calendar year, before 1 1st March of the subsequent calendar year. This Directordirector’s Statement statement shall be signed by a Party’s legal representative. A template Directordirector’s Statement statement can be obtained from the Coordinator. Parties receiving an aggregate TKI-toeslag (as defined by the TKI) of EUR 125.000,- 125,000.- (one hundred twenty five thousand euro) or more shall be required to provide an audit certificate with regard to the expenditure thereof at its own costs. The Coordinator will not be involved in the (financial) reporting requirements in cases where Parties are obligated to report their expenditures directly to TKI or the Ministry.