Common use of Payment and interest on late payment Clause in Contracts

Payment and interest on late payment. 29.1 Payments shall be made in accordance with the following the option: Option 1: Fee-based contract 1 Maximum pre-financing payment4 <Maximum amount> <X> %5 6-monthly Interim payments <amount (balance of pre-financing payment and forecast balance)> <Month number> Forecast balance 10 % of the maximum contract value Total <maximum contract value> The actual amounts payable after the pre-financing payment will vary. They shall be based on the contractor’s invoice accompanied by an interim progress report and an expenditure verification report and are subject to approval of the reports in accordance with Article 27 of the general conditions. The interim invoices must be paid such that the sum of the payments does not exceed 90 % of the maximum contract value stated in Article (2) of the contract. Payment of the balance of the final value of the contract, subject to the maximum contract value stated in Article (2) of the contract, is made after deduction of the amounts already paid, within 90 days of the contracting authority receiving an invoice accompanied by the final progress report and a final expenditure verification report, the incidental expenditure and expenditure verification actually incurred during the period, subject to approval of those reports. Option 2: Global price contract 1 Maximum pre-financing payment6 <Max. 40 % of the contract value> <Month/ year number> [If applicable: Interim payment ] <X % of the contract value> <Month/ year number> Balance <Maximum 60 % of the contract value> Total <Total contract value> [Contract in indirect management under the general budget of the Union only: By derogation, the payments to the contractor of the amounts due under interim and final payments shall be made within 90 days after receipt by the contracting authority of an invoice and of the reports, subject to approval of those reports in accordance with Article 27 of the general conditions.] [Contract under 10th EDF only: By derogation, the pre-financing payment shall be made within 90 days from the date on which an admissible invoice is registered by the contracting authority. The interim and final payments to the contractor of the amounts due shall be made within 90 days following approval of the reports in accordance with Article 27 of the general conditions, after receipt by the contracting authority of an admissible invoice.] [Contract in indirect management under 11th EDF only where the Commission executes payments: By derogation, the pre-financing payment shall be made within 60 days from the date on which an admissible invoice is registered by the contracting authority. The interim and final payments to the contractor of the amounts due shall be made within 90 days from the date on which an admissible invoice is registered by the contracting authority.] 29.3 [For indirect management By derogation from Article 29.3 of the general conditions, once the deadline set in Article 29.1 has expired, the contractor shall, upon demand, be entitled to late-payment interest at the rate and for the period mentioned in the general conditions. The demand must be submitted within two months of receiving late payment.]

Payment and interest on late payment. 29.1 Payments shall be made in accordance with the following the option: Option 1: Fee-based contract 1 Maximum pre-financing payment4 payment5 <Maximum amount> <X> %5 6-monthly Interim payments <amount (balance of pre-financing payment and forecast balance)> 6 <Month number> Forecast balance 10 % of the maximum contract value Total <maximum contract value> The actual amounts payable after the pre-financing payment will vary. They shall be based on the contractor’s invoice accompanied by an interim progress report and an expenditure verification report and are subject to approval of the reports in accordance with Article 27 of the general conditions. The interim invoices must be paid such that the sum of the payments does not exceed 90 % of the maximum contract value stated in Article (2) of the contract. Payment of the balance of the final value of the contract, subject to the maximum contract value stated in Article (2) of the contract, is made after deduction of the amounts already paid, within 90 days of the contracting authority receiving an invoice accompanied by the final progress report and a final expenditure verification report, the incidental expenditure and expenditure verification actually incurred during the period, subject to approval of those reports. Option 2: Global price contract 1 Maximum pre-financing payment6 payment7 <Max. 40 % of the contract value> <Month/ year number> [If applicable: Interim payment ] <X % of the contract value> <Month/ year number> Balance <Maximum 60 % of the contract value> Total <Total contract value> [Contract in indirect management under the general budget of the Union only: By derogation, the payments to the contractor of the amounts due under interim and final payments shall be made within 90 days after receipt by the contracting authority of an invoice and of the reports, subject to approval of those reports in accordance with Article 27 of the general conditions.] [Contract under 10th EDF only: By derogation, the pre-financing payment shall be made within 90 days from the date on which an admissible invoice is registered by the contracting authority. The interim and final payments to the contractor of the amounts due shall be made within 90 days following approval of the reports in accordance with Article 27 of the general conditions, after receipt by the contracting authority of an admissible invoice.] [Contract in indirect management under 11th EDF only where the Commission executes payments: By derogation, the pre-financing payment shall be made within 60 days from the date on which an admissible invoice is registered by the contracting authority. The interim and final payments to the contractor of the amounts due shall be made within 90 days from the date on which an admissible invoice is registered by the contracting authority.] 29.3 [For indirect management By derogation from Article 29.3 of the general conditions, once the deadline set in Article 29.1 has expired, the contractor shall, upon demand, be entitled to late-payment interest at the rate and for the period mentioned in the general conditions. The demand must be submitted within two months of receiving late payment.]

Payment and interest on late payment. 29.1 Payments shall be made in accordance with the following the option: Option 1: Fee-based contract 1 Maximum prePre-financing payment4 <Maximum amount> <X> x %5 6-monthly Interim payments <amount (balance of pre-financing payment and forecast balance)> <Month number> Forecast balance 10 % of the maximum contract value Total <maximum contract value> The actual amounts payable after the pre-financing payment will vary. They shall be based on the contractorContractor’s invoice accompanied by an interim progress report and an expenditure verification report and are subject to approval of the reports in accordance with Article 27 of the general conditions. The interim invoices must be paid such that the sum of the payments does not exceed 90 % of the maximum contract value stated in Article (2) of the contract. Payment of the balance of the final value of the contract, subject to the maximum contract value stated in Article (2) of the contract, is made after deduction of the amounts already paid, within 90 days of the contracting authority receiving an invoice accompanied by the final progress report and a final expenditure verification report, the incidental expenditure and expenditure verification actually incurred during the period, subject to approval of those reportsGeneral Conditions. Option 2: Global price contract 1 Maximum prePre-financing payment6 <Max. 40 % of the contract value> <Month/ year number> [If applicable: Interim payment ] <X % of the contract value> <Month/ year number> Balance <Maximum 60 % of the contract value> Total <Total contract value> [Contract in indirect management under the general budget of the Union BUDGET only: By derogation, the payments to the contractor Contractor of the amounts due under interim and final payments shall be made within 90 days after receipt by the contracting authority Contracting Authority of an invoice and of the reports, subject to approval of those reports in accordance with Article 27 of the general conditionsGeneral Conditions.] [Contract under 10th EDF and 10th bis EDF only: By derogation, the pre-financing payment shall be made within 90 days from the date on which an admissible invoice is registered by the contracting authorityContracting Authority. The interim and final payments to the contractor Contractor of the amounts due shall be made within 90 days following approval of the reports in accordance with Article 27 of the general conditionsGeneral Conditions, after receipt by the contracting authority Contracting Authority of an admissible invoice.] [Contract in indirect management under 11th EDF only where the Commission executes payments: By derogation, the pre-financing payment shall be made within 60 days from the date on which an admissible invoice is registered by the contracting authorityContracting Authority. The interim and final payments to the contractor Contractor of the amounts due shall be made within 90 days from following approval of the date on which reports in accordance with Article 27 of the General Conditions, after receipt by the Contracting Authority of an admissible invoice is registered by the contracting authorityinvoice.] 29.3 [For indirect management By derogation from Article 29.3 of the general conditionsGeneral Conditions, once the deadline set in Article 29.1 has expired, the contractor Contractor shall, upon demand, be entitled to late-payment interest at the rate and for the period mentioned in the general conditionsGeneral Conditions. The demand must be submitted within two months of receiving late payment.]