Interpretation of verification provisions Sample Clauses

Interpretation of verification provisions. As regards the verification clause in Article 17 of the Framework Agreement, it is agreed that all the information relevant to the financial management of Actions financed by the Commission, consistent with the terms of reference of the verification engagement, shall, upon request, be made available to the Commission. It is understood that the information shall be drawn from accounts and records and will be in a form which makes it possible for the Commission to verify the use to which its funds or contributions have been put. It is further agreed and understood that clarifications, including verification of specific documents specified in Attachment 5 of the Framework Agreement, may be requested by the Commission. For the purposes of verifications under Article 17 of the Framework Agreement, representatives of the Commission will be given access to the site of the Project or the headquarters of the World Bank Group, taking into account, in the case of the Commission, the guidelines for verifications including on-the-spot checks under point II below. World Bank Group staff will supply all relevant financial and operational information, as specified in Attachment 5 of the Framework Agreement. The purpose of such verifications is to allow representatives from the Commission to report to their own institutions and to the European Parliament on the implementation of Actions according to sound financial management principles. It is understood that such verifications will be limited to information on the use of the funds, including the EU contribution, for the implementation of the Action and is without prejudice to the immunities of the World Bank Group entities as set forth in their respective Articles of Agreement or Conventions. Any question of application and interpretation of and any dispute arising from this Attachment shall be resolved by the Parties in accordance with Article 26 of the Framework Agreement. Subject to Articles 13 and 14 of the Framework Agreement, each Party to this Attachment is to bear its own costs under the arrangements. II - Guidelines for verifications including on-the-spot by Commission services to World Bank Group entities Commission services which are responsible for financing or co-financing Actions administered by the World Bank Group entities are required to verify that the funds have been disbursed in accordance with the Framework and the Administration Agreements and consistent with the principle of sound financial manageme...
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Interpretation of verification provisions. As regards Article 17 of the General Conditions (GC) of the Pillars Assessed Grant Or Delegation Agreement (PAGoDA), or similar provisions in other agreements it is agreed that all financial information relevant to the Actions financed by the EU shall, upon request, be supplied to the Commission2. It is understood that the information shall be drawn from accounts and records and will be in a form which makes it possible for the Commission to verify the use to which its funds or contributions have been put and that EU funds are properly used in accordance with the principles of the Framework Agreement and the conditions of the Agreement. It is further agreed and understood that clarifications, including verification of specific documents, may be requested by the Commission. If so requested by the Commission, the Organisation, where appropriate, may request its external auditors to respond directly to the Commission in respect of such clarifications. As regards the checks to which reference is made in Article 17 of the GC of the PAGoDA, or similar provisions in other agreements, it is understood that representatives of the Commission will be given access to the site(s) of the Action or the headquarters of the Organisation, taking into account the guidelines of verifications under point 2 below. The Organisation will supply all relevant financial and operational information and will explain to the Commission representatives, with appropriate concrete examples, how the accounts are managed and the procedures are used to ensure transparency and accuracy in the accounts and to guard against the misuse of funds and fraud. The purpose of such verifications is to allow representatives from the European Union to be in a position to report to their own institutions and to the European Parliament on the implementation of the Actions. It is understood that such verifications will be limited to information on the use of the EU funds and is without prejudice to the immunities of the Organisation as set forth in the respective Articles of Agreements or Conventions. Any question of application and interpretation of, and any dispute arising from, this Agreement shall be resolved by amicable means between the Commission and the Organisation, without prejudice to Article 14 of the GC of the PAGoDA or similar provisions in other agreements. Each party to this Agreement is to bear its own costs under the arrangements.
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