Common use of Payment modalities Clause in Contracts

Payment modalities. 1. The Commission shall make the following payments: – pre-financing in accordance with Article 6; – interim payments of the financial contribution of the Union corresponding to the amount accepted for a reporting period in accordance with Article 6; – a final payment corresponding to the amount accepted for the last reporting period, or, if the consortium has received only pre-financing, to the amount accepted for the project, plus any adjustment needed. Where the amount of the financial contribution of the Union is less than the amount already paid to the consortium, the Commission shall recover the difference. Where the amount of the financial contribution of the Union is more than the amount already paid to the consortium, the Commission shall pay the difference as the final payment up to the limits defined in Article 5(1). 2. The total amount of the pre-financing and interim payments shall not exceed 90% of the maximum financial contribution of the Union defined in Article 5(1). 3. Payments by the Commission shall be made in euros. 4. Costs incurred shall be reported in euros. Beneficiaries with accounts in a currency other than the euro shall report costs by using the conversion rate published by the European Central Bank and applicable on the first day following the end of the reporting period. Beneficiaries with accounts in euros shall convert costs incurred in other currencies according to their normal accounting practice. 5. The payments by the Commission shall be regarded as having been effected on the date on which the Commission’s account is debited. 6. Any payment may be subject to an audit or review and may be adjusted or recovered based on the results of the audit or review.

Payment modalities. 1. The Commission shall make the following payments: – pre-financing in accordance with Article 6; – interim payments of the Community financial contribution of the Union corresponding to the amount accepted for a reporting period in accordance with Article 6; – a final payment corresponding to the amount accepted for the last reporting period, or, if the consortium has received only pre-financing, to the amount accepted for the project, plus any adjustment needed. Where the amount of the Community financial contribution of the Union is less than the amount already paid to the consortium, the Commission shall recover the difference. Where the amount of the Community financial contribution of the Union is more than the amount already paid to the consortium, the Commission shall pay the difference as the final payment up to the limits defined in Article 5(1). 2. The total amount of the pre-financing and interim payments shall not exceed 90% of the maximum Community financial contribution of the Union defined in Article 5(1). 3. Payments by the Commission shall be made in euros. 4. Costs incurred shall be reported in euros. Beneficiaries with accounts in a currency other than the euro shall report costs by using the conversion rate published by the European Central Bank and applicable on the first day following the end of the reporting period. Beneficiaries with accounts in euros shall convert costs incurred in other currencies according to their normal accounting practice. 5. The payments by the Commission shall be regarded as having been effected on the date on which the Commission’s account is debited. 6. Any payment may be subject to an audit or review and may be adjusted or recovered based on the results of the audit or review.

Payment modalities. 1. The Commission shall make the following payments: – − pre-financing in accordance with Article 6; – − interim payments of the financial contribution of the Union corresponding to the amount accepted for a reporting period in accordance with Article 6; – − a final payment corresponding to the amount accepted for the last reporting period, or, if the consortium has received only pre-financing, to the amount accepted for the project, plus any adjustment needed. Where the amount of the financial contribution of the Union is less than the amount already paid to the consortium, the Commission shall recover the difference. Where the amount of the financial contribution of the Union is more than the amount already paid to the consortium, the Commission shall pay the difference as the final payment up to the limits defined in Article 5(1). 2. The total amount of the pre-financing and interim payments shall not exceed 90% of the maximum financial contribution of the Union defined in Article 5(1). 3. Payments by the Commission shall be made in euros. 4. Costs incurred shall be reported in euros. Beneficiaries with accounts in a currency other than the euro shall report costs by using the conversion rate published by the European Central Bank and applicable on the first day following the end of the reporting period. Beneficiaries with accounts in euros shall convert costs incurred in other currencies according to their normal accounting practice. 5. The payments by the Commission shall be regarded as having been effected on the date on which the Commission’s account is debited. 6. Any payment may be subject to an audit or review and may be adjusted or recovered based on the results of the audit or review.