Common use of Payment flows Clause in Contracts

Payment flows. The Programme Operator shall ensure that funds are available for payments to projects in a timely manner. Interim and final payments to the projects shall be based on approved project financial reports. Payments of the project grant shall take the form of advance payments, interim payments and final payments. The level of advance payment to projects shall be set out in the Project Contract. An advance payment of a percentage of the total grant amount shall be made upon signature of the Project Contract. Governmental organisations will not get the advance payment, they can use bridge financing. Interim payments of the project grant to the Project Promoters shall take the form of reimbursement requests based on actual costs incurred or an additional advance based on the evidence that a certain percentage of the first advance has been spent. The total advance payments should never exceed 90% of the total project grant

Payment flows. The Programme Operator shall ensure that funds are available for payments to projects in a timely manner. Interim and final payments to the projects shall be based on approved project financial reports. Payments of the project grant shall take the form of advance payments, interim payments and final payments. The level of advance payment to projects shall be set out in the Project Contract. An advance payment of a percentage of the total grant amount shall be made upon signature of the Project Contract. Governmental organisations will not get the advance payment, they can use bridge financing. Interim payments of the project grant to the Project Promoters shall take the form of reimbursement requests based on actual costs incurred or an additional advance based on the evidence that a certain percentage of the first advance has been spent. The total advance payments should never exceed 90% of the total project grantincurred