Payments to projects. Payments of the project grant to project promoters may take the form of advance payments, interim payments and payments of the final balance. The level of advance payments and their off-set mechanism shall be set in Annex II to this Agreement.
Payments to projects. The FO 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 payments, interim payments and a final payment. The level of advance payment to projects shall be set out in the project contract. The maximum level of advance payment shall be linked to the type of project as follows: Project type Advance payment Interim payment(s) Final payment Strategic and pre-defined Up to 40% Up to 50% Remaining amount Mid-sized grants Up to 40% Up to 50% Remaining amount Action grants Up to 100% - Balance due Matching grants and bilateral grants - - 100% Reimbursement of expenditures Advance payments are to be paid up to 10 working days after the date of the grant contract signature, unless a later date has been set in the project contract. Interim payments are to be paid up to 10 working days after date of the receipt of payment claim based on acceptance of the progress reports. Final/balancing payments are to be paid up to 10 working days after the date of the receipt of the final payment claim based on acceptance of the final report In cases where projects have been assessed as posing a high risk for the programme, the FO may make a justified decision to change the payments scheme (reducing pre-financing or exceptionally, applying a scheme without pre-financing under which the FO reimburses project promoters only the amount of grant expenses verified by the FO). The periodicity of reporting periods, and deadlines for reporting will be further detailed in the description of the FO’s management and control systems.
Payments to projects. The FO 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 payments, interim payments and a final payment. The level of advance payment to projects shall be set out in the project contract.: Project Project implementation duration Advance payment Interim payments Final payment PDPs Up to 50 months Up to 30% Up to 60% 10% or remaining balance • Advance payments are to be paid up to 14 days after the last signature of the contract. • Interim payments are to be paid up to 30 days after date of acceptance of the interim financial report. Each payment may be up to 10 % of the balance. • Final payments are to be paid up to 30 days after the date of acceptance of the final narrative report and the final financial report. The approval of project interim and final reports shall take place within two months from the submission of all the required information. Reporting requirements, including periods and submission deadlines, shall be further detailed in the description of the FO’s management and control systems.
