Common use of PAYMENTS AND PAYMENT ARRANGEMENTS Clause in Contracts

PAYMENTS AND PAYMENT ARRANGEMENTS. 8.1.1 Payments of the Grant under these terms and conditions consist of (i) pre-payments each time after receipt and approval by EhvEng of the intermediate financial and technical reports (“Pre-Payments”), which may cover one, two, three or four calendar quarters and (ii) one final payment after finalisation of the Project and receipt and approval of the final financial and technical report, as described in Article 6.4.h (“Final Payment”). Financial reports for Pre- Payments, declaring cost made during one, two, three or four calendar quarters, as the case may be, can be issued to EhvEng at any time, regardless the period with regard to which cost are declared. However, the Project Partners are aware that, in accordance with Article 3.5 of the general terms and conditions, as set out in Exhibit 1, cost that are included in any financial report requesting Pre-Payments, can only be declared by EhvEng with Regiofonds Brainport B.V. in one of the following time windows: between 1 January and 15 February, between 1 April in 15 May, between 1 July and 15 August and between 1 October and 15 November. In view of this it is understood by the Parties that EhvEng will take its best effort to review and process financial reports received from the Project partners within two weeks upon receipt, before forwarding such financial reports, together with a total cost declaration by EhvEng, to Regiofonds Brainport B.V.. The final financial report and technical report must be issued within three months after the end of the Project. 8.1.2.1 Pre-Payments will be payments of only 80% for each individual Project Partner’s cost statement for the period concerned. The remaining 20% will each time be retained by EhvEng and will be paid out to the Coordinator for further distribution, after Final Payment is determined. This retained amount can be used by EhvEng for recovering possible reclaims of funding as referred to in Article 8.4.2 hereinafter a “Reclaim”. 8.1.2.2 However, based on Article 5.4 of the “Algemene Voorwaarden en Toestsingscriteria Projecten Regio Deal Brainport Eindhoven” (Exhibit 1) a Project Partner may request to receive a Pre-Payment of 100% of the funding for the cost declared, for a period that does not include the end of the Project. In such case the financial report must be audited and approved in an audit report from an independent accountant, in a format as attached hereto as Exhibit 3 (“protocol accountantsverklaring Regiofonds Brainport B.V.”). 8.1.2.3 After the end of the Project the Final Payment will, per Project Partner, include the remaining 20% of the Grant to the extent not used for Reclaims from such Project Partner. In case the total amount of Reclaims from a Project Partner exceeds the 20% of the Grant attributed to the pertaining Project partner, EhvEng is entitled to withhold the remaining part of the amount of such Reclaims from the rest of the retained 20% of the total Grant amount for the entire Consortium as referred to in sub-paragraph 8.1.2.1 here above. 8.1.2.4 For public bodies, any audit report required under these terms and conditions may be issued by an independent public officer with formal competence to audit the public body concerned (instead of by an external auditor).

PAYMENTS AND PAYMENT ARRANGEMENTS. 8.1.1 10.1.1 Payments of the Grant under these terms and conditions this Agreement consist of (i) pre-payments each time after receipt and approval by EhvEng of the intermediate financial and technical reports (“Pre-Pre- Payments”), which may cover one, two, three or four calendar quarters and (ii) one final payment after finalisation of the Project and receipt and approval of the final financial and technical report, as described in Article 6.4.h 8.4.h (“Final Payment”). Financial reports for Pre- Payments, declaring cost made during one, two, three or four calendar quarters, as the case may be, can be issued to EhvEng at any time, regardless the period with regard to which cost are declared. However, the Project Partners are aware that, in accordance with Article 3.5 5.5 of the general terms and conditions, as set out in Exhibit 13, cost that are included in any financial report requesting Pre-Payments, can only be declared by EhvEng with Regiofonds Brainport B.V. in one of the following time windows: between 1 January and 15 February, between 1 April in 15 May, between 1 July and 15 August and between 1 October and 15 November. In view of this it is understood by the Parties that EhvEng will take its best effort to review and process financial reports received from the Project partners within two weeks upon receipt, before forwarding such financial reports, together with a total cost declaration by EhvEng, to Regiofonds Brainport B.V.. The final financial report and technical report must be issued within three months after the end of the Project. 8.1.2.1 10.1.2.1 Pre-Payments will be payments of only 80% for each individual Project Partner’s cost statement for the period concerned. The remaining 20% will each time be retained by EhvEng and will be paid out to the Coordinator for further distribution, after Final Payment is determined. This retained amount can be used by EhvEng for recovering possible reclaims of funding as referred to in Article 8.4.2 10.4.2 hereinafter a “Reclaim”. 8.1.2.2 10.1.2.2 However, based on Article 5.4 of the “Algemene Voorwaarden en Toestsingscriteria Projecten Regio Deal Brainport Eindhoven” (Exhibit 13) a Project Partner may request to receive a Pre-Payment of 100% of the funding for the cost declared, for a period that does not include the end of the Project. In such case the financial report must be audited and approved in an audit report from an independent accountant, in a format as attached hereto as Exhibit 3 5 (“protocol accountantsverklaring Regiofonds Brainport B.V.”). 8.1.2.3 10.1.2.3 After the end of the Project the Final Payment will, per Project Partner, include the remaining 20% of the Grant to the extent not used for Reclaims from such Project Partner. In case the total amount of Reclaims from a Project Partner exceeds the 20% of the Grant attributed to the pertaining Project partner, EhvEng is entitled to withhold the remaining part of the amount of such Reclaims from the rest of the retained 20% of the total Grant amount for the entire Consortium as referred to in sub-paragraph 8.1.2.1 10.1.2.1 here above. 8.1.2.4 10.1.2.4 For public bodies, any audit report required under these terms and conditions this Agreement may be issued by an independent public officer with formal competence to audit the public body concerned (instead of by an external auditor).

PAYMENTS AND PAYMENT ARRANGEMENTS. 8.1.1 Met opmerkingen [LvdL11]: A financial report requesting a Pre-Payment can refer to one, two, three of four calendar quarters. Furthermore it can be issued to EhvEng at any time. However, in Art. 5.5 of the Gen T&Cs (Exhibit 3) there are four time-windows given within which EhvEng can declare cost with Brainport. So if the Coordinator wishes quick processing of their payment request, it should not issue their request too shortly before the end of such time-window. 10.1.1 Payments of the Grant under these terms and conditions this Agreement consist of (i) pre-payments each time after receipt and approval by EhvEng of the intermediate financial and technical reports (“Pre-Pre- Payments”), which may cover one, two, three or four calendar quarters and (ii) one final payment after finalisation of the Project and receipt and approval of the final financial and technical report, as described in Article 6.4.h 8.4.h (“Final Payment”). Financial reports for Pre- Payments, declaring cost made during one, two, three or four calendar quarters, as the case may be, can be issued to EhvEng at any time, regardless the period with regard to which cost are declared. However, the Project Partners are aware that, in accordance with Article 3.5 5.5 of the general terms and conditions, as set out in Exhibit 13, cost that are included in any financial report requesting Pre-Payments, can only be declared by EhvEng with Regiofonds Brainport B.V. in one of the following time windows: between 1 January and 15 February, between 1 April in 15 May, between 1 July and 15 August and between 1 October and 15 November. In view of this it is understood by the Parties that EhvEng will take its best effort to review and process financial reports received from the Project partners within two weeks upon receipt, before forwarding such financial reports, together with a total cost declaration by EhvEng, to Regiofonds Brainport B.V.. The final financial report and technical report must be issued within three months after the end of the Project. 8.1.2.1 10.1.2.1 Pre-Payments will be payments of only 80% for each individual Project Partner’s cost statement for the period concerned. The remaining 20% will each time be retained by EhvEng and will be paid out to the Coordinator for further distribution, after Final Payment is determined. This retained amount can be used by EhvEng for recovering possible reclaims of funding as referred to in Article 8.4.2 10.4.2 hereinafter a “Reclaim”. 8.1.2.2 10.1.2.2 However, based on Article 5.4 of the “Algemene Voorwaarden en Toestsingscriteria Projecten Regio Deal Brainport Eindhoven” (Exhibit 13) a Project Partner may request to receive a Pre-Payment of 100% of the funding for the cost declared, for a period that does not include the end of the Project. In such case the financial report must be audited and approved in an audit report from an independent accountant, in a format as attached hereto as Exhibit 3 5 (“protocol accountantsverklaring Regiofonds Brainport B.V.”). 8.1.2.3 10.1.2.3 After the end of the Project the Final Payment will, per Project Partner, include the remaining 20% of the Grant to the extent not used for Reclaims from such Project Partner. In case the total amount of Reclaims from a Project Partner exceeds the 20% of the Grant attributed to the pertaining Project partner, EhvEng is entitled to withhold the remaining part of the amount of such Reclaims from the rest of the retained 20% of the total Grant amount for the entire Consortium as referred to in sub-paragraph 8.1.2.1 here above.of 8.1.2.4 10.1.2.4 For public bodies, any audit report required under these terms and conditions this Agreement may be issued by an independent public officer with formal competence to audit the public body concerned (instead of by an external auditor).