Common use of Interim Financial Reports Clause in Contracts

Interim Financial Reports. 1. The reporting periods in each calendar year shall be as follows: a) 1 January – 30 June for actual expenditure incurred and 1 November – 30 April for proposed expenditure; b) 1 July – 31 December for actual expenditure incurred and 1 May-31 October for proposed expenditure. 2. Interim payments shall be paid based on an interim financial report submitted by the Fund Operator in a format provided by the FMO. 3. Interim payments from the FMO shall be made on the following payment dates: 15 April and 15 October. Should a payment date land on a weekend or an EFTA public holiday, the payment shall be made on the next EFTA working day. 4. Interim financial reports shall be received by the FMO according to the following schedule: a) on, or before, 15 March for payments to be made by 15 April; b) on, or before, 15 September for payments to be made by 15 October. 5. Payment based on an interim financial report received after its due date but on, or before, the following due date referred to in paragraph 4 shall be due as the report would have been received on its following due date. If an interim financial report has not been received within twelve months from the end of the reporting period in which expenditure has been incurred by the Fund Operator, the expenditure for that period shall be declared ineligible and cancelled. 6. Interim financial reports shall include: a) a statement of actual expenditure incurred during the reporting period preceding the payment date; and b) a statement of proposed expenditure for the reporting period immediately following the payment date; c) information on progress towards achieving outputs and outcomes, as appropriate. 7. The actual incurred expenditure for the last reporting period shall be reported in the final programme report. 8. When the interim financial report has been provided, the FMO shall verify that it is in the correct form and that the conditions for payment have been met. If that verification is positive, interim payments shall be transferred no later than on the payment dates referred to in paragraph 3. 9. Interim payments shall in principle consist of the proposed expenditure for the respective reporting period less the expected cash balance at the start of that period for the proposed expenditure. The FMO may modify the amount of the interim payment if the proposed expenditures are considered to be unjustified. The FMO shall provide the Fund Operator with a justification of the modification without delay. 10. Should verification according to paragraph 8 be negative, the FMO and the Fund Operator shall closely cooperate to remedy the deficiencies. The FMO may provisionally hold interim payments until such deficiencies have been remedied. When the FMO, after receiving all necessary information, has positively verified an interim financial report, it shall release the payment due as soon as possible, unless the FMO decides to make use of remedies provided in Chapter 11.

Interim Financial Reports. ‌ 1. The reporting periods in each calendar year shall be as follows: a) 1 January – 30 June for actual expenditure incurred and 1 November – 30 April for proposed expenditure; b) 1 July – 31 December for actual expenditure incurred and 1 May-31 October for proposed expenditure. 2. Interim payments shall be paid based on an interim financial report submitted by the Fund Operator in a format provided by the FMO. 3. Interim payments from the FMO shall be made on the following payment dates: 15 April and 15 October. Should a payment date land on a weekend or an EFTA public holiday, the payment shall be made on the next EFTA working day. 4. Interim financial reports shall be received by the FMO according to the following schedule: a) on, or before, 15 March for payments to be made by 15 April; b) on, or before, 15 September for payments to be made by 15 October. 5. Payment based on an interim financial report received after its due date but on, or before, the following due date referred to in paragraph 4 shall be due as the report would have been received on its following due date. If an interim financial report has not been received within twelve months from the end of the reporting period in which expenditure has been incurred by the Fund Operator, the expenditure for that period shall be declared ineligible and cancelled. 6. Interim financial reports shall include: a) a statement of actual expenditure incurred during the reporting period preceding the payment date; and b) a statement of proposed expenditure for the reporting period immediately following the payment date; c) information on progress towards achieving outputs and outcomes, as appropriate. 7. The actual incurred expenditure for the last reporting period shall be reported in the final programme report. 8. When the interim financial report has been provided, the FMO shall verify that it is in the correct form and that the conditions for payment have been met. If that verification is positive, interim payments shall be transferred no later than on the payment dates referred to in paragraph 3. 9. Interim payments shall in principle consist of the proposed expenditure for the respective reporting period less the expected cash balance at the start of that period for the proposed expenditure. The FMO may modify the amount of the interim payment if the proposed expenditures are considered to be unjustified. The FMO shall provide the Fund Operator with a justification of the modification without delay. 10. Should verification according to paragraph 8 be negative, the FMO and the Fund Operator shall closely cooperate to remedy the deficiencies. The FMO may provisionally hold interim payments until such deficiencies have been remedied. When the FMO, after receiving all necessary information, has positively verified an interim financial report, it shall release the payment due as soon as possible, unless the FMO decides to make use of remedies provided in Chapter 11.

Interim Financial Reports. ‌ 1. The reporting periods in each calendar year shall be as follows: a) 1 January – 30 June for actual expenditure incurred and 1 November – 30 April for proposed expenditure; b) 1 July – 31 December for actual expenditure incurred and 1 May-31 October for proposed expenditure. 2. The term ‘expenditure’ shall, for the purposes of the previous paragraph, be understood as including the Fund Operator’s management cost and payments to projects. 3. Interim payments shall be paid based on an interim financial report submitted by the Fund Operator in a format provided by the FMO. 34. Interim payments from the FMO shall be made on the following payment dates: 15 April and 15 October. Should a payment date land on a weekend or an EFTA public holiday, the payment shall be made on the next EFTA working day. 45. Interim financial reports shall be received by the FMO according to the following schedule: a) on, or before, 15 March for payments to be made by 15 April; b) on, or before, 15 September for payments to be made by 15 October. 56. Payment based on an interim financial report received after its due date but on, or before, the following due date referred to in paragraph 4 5 shall be due as the report would have been received on its following due date. If an interim financial report has not been received within twelve months from the end of the reporting period in which expenditure has been incurred by the Fund Operator, the expenditure for that period shall be declared ineligible and cancelled. 67. Interim financial reports shall include: a) a statement of actual expenditure incurred during the reporting period preceding the payment date; and b) a statement of proposed expenditure for the reporting period immediately following the payment date; c) information on progress towards achieving outputs and outcomes, as appropriate. 78. The actual incurred expenditure for the last reporting period shall be reported in the final programme report. 89. When the interim financial report has been provided, the FMO shall verify that it is in the correct form and that the conditions for payment have been met. If that verification is positive, interim payments shall be transferred no later than on the payment dates referred to in paragraph 34. 910. Interim payments shall in principle consist of the proposed expenditure for the respective reporting period less the expected cash balance at the start of that period for the proposed expenditure. The FMO may modify the amount of the interim payment if the proposed expenditures are considered to be unjustified. The FMO shall provide the Fund Operator with a justification of the modification without delay. 1011. Should verification according to paragraph 8 9 be negative, the FMO and the Fund Operator shall closely cooperate to remedy the deficiencies. The FMO may provisionally hold interim payments until such deficiencies have been remedied. When the FMO, after receiving all necessary information, has positively verified an interim financial report, it shall release the payment due as soon as possible, unless the FMO decides to make use of remedies provided in Chapter 1110.