Common use of Liability of the Commission Clause in Contracts

Liability of the Commission. 7.4.1 In its role as Manager or Accounting Officer of the Trust Fund, the Commission shall exercise the same level of care under the Constitutive Agreement as it exercises in the management of the budgets for which management responsibility is conferred on it under the Treaties. It shall assume its managerial and fiduciary responsibility as part of the discharge, in accordance with Article 187(10) of the Financial Regulation, applicable by virtue of Article 42 of the Financial Regulation of the 11th EDF.

Liability of the Commission. 7.4.1 In its role as Manager or Accounting Officer of the Trust Fund, Fund the Commission shall exercise the same level of care under the Constitutive Agreement as it exercises in the management of the budgets for which management responsibility is conferred on it under the Treaties. It shall assume its managerial and fiduciary responsibility as part of the discharge, in accordance with Article 187(10) of the Financial Regulation, applicable by virtue of Article 42 of the Financial Regulation of the 11th EDF.