Common use of Payment flows Clause in Contracts

Payment flows. Programme Operator shall ensure that payments to projects are made in a timely manner. Interim and final payments to the projects shall be based on approved project reports. In cases where the Project Promoter is a direct state budget user, the Programme Operator will not pay directly to the Project Promoter but announce the need of payment to the State Treasury according to their internal procedures. Payments of the project grant shall take the form of advance payments, interim payments and a final payment. The level of advance payment to projects shall be set out in the project contract. The maximum level of advance payment shall be linked to the project implementation duration and the programme areas as follows: < 12 Months Up to 50% At least 20% At least 30% 12-18 Months Up to 30% At least 40% At least 30% ≥18-Months Up to 20% At least 60% At least 20% The first advance instalment shall be paid following the signature of the project contract. Subsequent payments shall be paid after the approval of project interim reports from XX. The final payment, if applicable, will be paid after approval of the final report from PO. For both interim and final payments, the payment shall be made within 1 month of the approval of the interim and final report. The approval of project interim and final reports shall take place within 60 days from the submission of the required information. The periodicity of reporting periods, and deadlines for reporting will be further detailed in the description of the Programme Operator’s management and control systems.

Payment flows. The Programme Operator shall ensure that payments to projects are made in a timely manner. Interim and final payments to the projects shall be based on approved project reports. In cases where the Project Promoter is a direct state budget user, the Programme Operator will not pay directly to the Project Promoter but announce the need of payment to the State Treasury according to their internal procedures. Payments of the project grant shall take the form of advance payments, interim payments and a final payment. The level of advance payment to projects shall be set out in the project contract. The maximum level of advance payment shall be linked to the project implementation duration and the programme areas as follows: < <12 Months Up to 20% 70% 10% ≥12-Months 15% 75% 10% * The project promoters will receive next interim payments only when 50% At least 20% At least 30% 12-18 Months Up to 30% At least 40% At least 30% ≥18-Months Up to 20% At least 60% At least 20% of the previously provided payment has been reported as incurred in the project interim reports The first advance instalment shall be paid following the signature of the project contract. Subsequent payments shall be paid after the approval of project interim reports from XXreports. The final payment, if applicable, will be paid after approval of the final report. An advance payment of a percentage of the total grant amount shall be paid within 1 month from the submission of a request after signature of the project contract. The interim payments shall be paid within 1 month after the approval of project interim reports. Upon approval of the final project report from PO. For both interim and a final paymentsbalance payment, the payment if applicable, shall be made within 1 month of the approval of the interim and final reportmonth. The approval of project interim and final reports shall take place within 60 days 2 months from the submission of the required information. The periodicity of reporting periods, and deadlines for reporting will be further detailed in the description of the Programme Operator’s management and control systems.