Common use of Payments to Parties are the exclusive tasks of the Coordinator Clause in Contracts

Payments to Parties are the exclusive tasks of the Coordinator. In particular, the Coordinator shall: − notify the Party concerned promptly of the date and composition of the amount transferred to its bank account, giving the relevant references − perform diligently its tasks in the proper administration of any funds and in maintaining financial accounts − undertake to keep the Funding Authority’s financial contribution to the Project separated from its normal business accounts, its own assets and property, except if the Coordinator is a Public Body or is not entitled to do so due to statutory legislation. − With reference to Articles 21.2 and 21.3.2 of the Grant Agreement, no Party shall before the end of the Project receive more than its allocated share of the maximum grant amount from which the amounts retained by the Funding Authority for the Guarantee Fund and for the final payment have been deducted.