Common use of Payments and Currency Clause in Contracts

Payments and Currency. UNESCO shall make payments to the Individual Specialist on a lump sum basis. The contract shall be drawn up and all payments made in United States Dollars, Euros or currencies in which UNESCO holds a bank account. Only one currency can be used in any one contract. Where necessary, the United Nations’ operational rate of exchange on the date a contract is signed should be used to convert amounts into another currency, but no adjustments will be made for exchange rate variations during the contract period, either to the overall amount or a staggered payment. UNESCO shall make the following payments to the Individual Specialist for the services to be provided under the terms of this contract: Payment Upon submission and approval by UNESCO of the following: Reference Article 1 Latest date for submission Amount Currency                                                             The final payment, or each payment in the case of staggered payments, shall be made only after receipt and approval as satisfactory by UNESCO of any deliverable that the Individual Specialist is required to submit for payment under the terms of this contract. All payments (see article 6.3 below) shall be effected by bank transfer. UNESCO shall be responsible for its own banking fees but any possible intermediary banking fees, as well as the beneficiary’s own banking fees, shall be the responsibility of the Individual Specialist. No payments shall be made to a third party. Advance Payments Except for expenses necessarily incurred by an Individual Specialist in order to prepare for an assignment (e.g. travel or equipment), no advance payment shall be made.