Common use of Payment flows Clause in Contracts

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. Payments of the project grant shall take the form of advance payment, interim payments and a final payment. The advance payment shall be calculated as a percentage of the total grant awarded to the project and its level shall be set out in the project contract. The maximum level of advance payment and the total amount of interim payments shall be as follows: Outcome Project Implementation Duration[1] Advance payment 1st Interim Payment 2nd Interim Payment 3rd Interim Payment 4th Interim Payment Final Payment[2] Outcome I < 24 months 20% 40% 30% - - 10% 24 – 36 months 15% 30% 25% 20% - 10% > 36 months 10% 20% 20% 25% 15% 10% Outcome II < 12 months 80% 10% - - - 10% ≥ 12 months 70% 20% - - - 10% The advance payment shall be paid following the signature of the project contract. Subsequent payments shall be paid after the approval of project interim reports. The final payment will be paid after approval of the final report. An advance payment, if any, of a percentage of the total grant amount shall be paid within 15 working days from the submission of a request or within the period set in the project contract. The interim payments shall be paid within one month after the approval of project interim reports. Upon approval of the final project report a final balance payment, if applicable, shall be made within one month. The approval of project interim and final reports shall take place within three 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. [1] The project contract may set suspensive conditions related to advance, interim and /or final payments. In justified cases, at the Programme Operator’s discretion, a project promoter may receive extraordinary payments to ensure sufficient funds for the projects during the implementation so as to avoid any liquidity problems, provided that the Programme Operator has sufficient capacity proceed with these payments. [2] Retention may be applied at the end of the implementation or pro rata from each advance and interim payments.

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. Payments of the project grant shall take the form of advance payment, interim payments and a final payment. The level of advance payment shall be calculated as a percentage of the total grant awarded to the project and its level projects shall be set out in the project contract. The maximum level of advance payment and the total amount of interim payments shall be linked to the project budget and duration as follows: Outcome Project Implementation Duration[1] implementation duration4 Advance payment 1st Interim Payment payment 2nd Interim Payment payment 3rd Interim Payment 4th Interim Payment payment Final Payment[2] Outcome I < 24 payment5 4 The project contract may set suspensive conditions related to advance, interim and/or final payments. In justified cases, at the Programme Operator´s discretion, a project promoter may receive extraordinary payments to ensure sufficient funds for the projects during the implementation so as to avoid any liquidity problems, provided that the Programme Operator has sufficient capacity to proceed with these payments. 5 Retention may be applied at the end of the implementation or pro rata from each advance payment and interim payments. Less than 12 months 2035% 40% 3055% - - 10% 12-24 – 36 months 1525% 30% 2545% 20% - 10% > 36 More than 24 months 10% 20% 2030% 25% 15% 10% Outcome II < 12 months 80% 10% - - - 10% ≥ 12 months 70% 20% - - - 10% The advance payment shall be paid following the signature of the project contract. Subsequent payments shall be paid after the approval of project interim reports. The final payment will be paid after approval of the final report. An advance payment, if any, of a percentage of the total grant amount shall be paid within 15 working days from the submission of a request or within the period set in the project contract. The interim payments shall be paid within one 1 month after the approval of project interim reports. Upon approval of the final project report a final balance payment, if applicable, shall be made within one 1 month. The approval of project interim and final reports shall take place within three 3 months from the submission of the required information. The periodicity of reporting periods, periods and deadlines for reporting will be further detailed in the description of the Programme Operator’s management and control systems. [1] The project contract may set suspensive conditions related to advance, interim and /or final payments. In justified cases, at the Programme Operator’s discretion, a project promoter may receive extraordinary payments to ensure sufficient funds for the projects during the implementation so as to avoid any liquidity problems, provided that the Programme Operator has sufficient capacity proceed with these payments. [2] Retention may be applied at the end of the implementation or pro rata from each advance and interim payments.

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. Project Implementation Advance payment 1st Interim 2nd Interim 3rd Interim 4th Interim Final Payment[2] Payments of the project grant shall take the form of advance payment, interim payments and a final payment. The advance payment shall be calculated as a percentage of the total grant awarded to the project and its level shall be set out in the project contract. The maximum level of advance payment and the total amount of interim payments shall be as follows: Outcome Project Implementation Duration[1] Advance payment 1st Interim Payment 2nd Interim Payment 3rd Interim Payment 4th Interim Payment Final Payment[2] Outcome I < 24 months 20% 40% 30% - - 10% 24 – 36 months 15% 30% 25% 20% - 10% > 36 months 10% 20% 20% 25% 15% 10% Outcome II < 12 months 80% 10% - - - 10% ≥ 12 months 70% 20% - - - 10% The advance payment shall be paid following the signature of the project contract. Subsequent payments shall be paid after the approval of project interim reports. The final payment will be paid after approval of the final report. An advance payment, if any, of a percentage of the total grant amount shall be paid within 15 working days from the submission of a request or within the period set in the project contract. The interim payments shall be paid within one month after the approval of project interim reports. Upon approval of the final project report a final balance payment, if applicable, shall be made within one month. The approval of project interim and final reports shall take place within three 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. [1] The project contract may set suspensive conditions related to advance, interim and /or final payments. In justified cases, at the Programme Operator’s discretion, a project promoter may receive extraordinary payments to ensure sufficient funds for the projects during the implementation so as to avoid any liquidity problems, provided that the Programme Operator has sufficient capacity proceed with these payments. [2] Retention may be applied at the end of the implementation or pro rata from each advance and interim payments.

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. Payments of the project grant shall take the form of advance payment, interim payments and a final payment. The level of advance payment shall be calculated as a percentage of the total grant awarded to the project and its level projects shall be set out in the project contract. The maximum level of advance payment and the total amount of interim payments shall be linked to the project budget and duration as follows: Outcome Project Implementation Duration[1] implementation duration4 Advance payment 1st 2nd 3rd Final payment5 Interim Payment 2nd payment Interim Payment 3rd payment Interim Payment 4th Interim Payment Final Payment[2] Outcome I < 24 payment 4 The project contract may set suspensive conditions related to advance, interim and/or final payments. In justified cases, at the Programme Operator´s discretion, a project promoter may receive extraordinary payments to ensure sufficient funds for the projects during the implementation so as to avoid any liquidity problems, provided that the Programme Operator has sufficient capacity to proceed with these payments. 5 Retention may be applied at the end of the implementation or pro rata from each advance payment and interim payments. Less than 12 months 2035% 40% 3055% - - 10% 12-24 – 36 months 1525% 30% 2545% 20% - 10% > 36 More than 24 months 10% 20% 2030% 25% 15% 10% Outcome II < 12 months 80% 10% - - - 10% ≥ 12 months 70% 20% - - - 10% The advance payment shall be paid following the signature of the project contract. Subsequent payments shall be paid after the approval of project interim reports. The final payment will be paid after approval of the final report. An advance payment, if any, of a percentage of the total grant amount shall be paid within 15 working days from the submission of a request or within the period set in the project contract. The interim payments shall be paid within one 1 month after the approval of project interim reports. Upon approval of the final project report a final balance payment, if applicable, shall be made within one 1 month. The approval of project interim and final reports shall take place within three 3 months from the submission of the required information. The periodicity of reporting periods, periods and deadlines for reporting will be further detailed in the description of the Programme Operator’s management and control systems. [1] The project contract may set suspensive conditions related to advance, interim and /or final payments. In justified cases, at the Programme Operator’s discretion, a project promoter may receive extraordinary payments to ensure sufficient funds for the projects during the implementation so as to avoid any liquidity problems, provided that the Programme Operator has sufficient capacity proceed with these payments. [2] Retention may be applied at the end of the implementation or pro rata from each advance and interim payments.

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. Payments of the project grant shall take the form of advance paymentpayments, interim payments and a final payment. The level of advance payment shall be calculated as a percentage of the total grant awarded to the project and its level projects shall be set out in the project contract. The maximum level of advance payment and the total amount of interim payments shall be linked to the project budget and duration as follows: Outcome Project Implementation Duration[1] implementation duration3 Advance payment 1st Interim Payment payment 2nd Interim Payment payment 3rd Interim Payment payment 4th Interim Payment payment Final Payment[2] Outcome I < payment4 Less than 24 months 20% 40% 3035% - - 105% 24 – 24-36 months 15% 30% 25% 2025% - 105% > More than 36 months 10% 20% 20% 25% 15% 10% Outcome II < 12 months 80% 10% - - - 10% ≥ 12 months 70% 20% - - - 105% 3 The project contract may set suspensive conditions related to advance, interim and/or final payments. In justified cases, at the Programme Operator´s discretion, a project promoter may receive extraordinary payments to ensure sufficient funds for the projects during the implementation so as to avoid any liquidity problems, provided that the Programme Operator has sufficient capacity to proceed with these payments. 4 Retention may be applied at the end of the implementation or pro rata from each advance payment and interim payments. The advance payment shall be paid following the signature of the project contract. Subsequent payments shall be paid after the approval of project interim reports. The final payment will be paid after approval of the final report. An advance payment, if any, of a percentage of the total grant amount shall be paid within 15 working days from the submission of a request or within the period set in the project contract. The interim payments shall be paid within one 1 month after the approval of project interim reports. Upon approval of the final project report a final balance payment, if applicable, shall be made within one 1 month. The approval of project interim and final reports shall take place within three 3 months from the submission of the required information. The periodicity of reporting periods, periods and deadlines for reporting will be further detailed in the description of the Programme Operator’s management and control systems. [1] The project contract may set suspensive conditions related to advance, interim and /or final payments. In justified cases, at the Programme Operator’s discretion, a project promoter may receive extraordinary payments to ensure sufficient funds for the projects during the implementation so as to avoid any liquidity problems, provided that the Programme Operator has sufficient capacity proceed with these payments. [2] Retention may be applied at the end of the implementation or pro rata from each advance and interim payments.