Pre-financing. Pre-financing is intended to provide the beneficiary with a float. Where required by the provisions of Article I.4 on pre-financing, the beneficiary shall furnish a financial guarantee from a bank or an approved financial institution established in one of the Member States of the European Union. The guarantor shall stand as first call guarantor and shall not require the Commission to have recourse against the principal debtor (the beneficiary). The financial guarantee shall remain in force until final payments by the Commission match the proportion of the total grant accounted for by pre-financing. The Commission undertakes to release the guarantee within 30 days following that date.
Pre-financing. Pre-financing is intended to provide the beneficiary with a float. Where required by the provisions of Article I.4 on pre-financing, the beneficiary shall provide a financial guarantee from a bank or an approved financial institution established in one of the Member States of the Union. The guarantor shall stand as first demand guarantor and shall not require the Commission to have recourse against the principal debtor (the beneficiary). The financial guarantee shall provide that it remains in force until the pre-financing is cleared against interim payment(s) or payment of the balance by the Commission to the beneficiary or, in the absence of such clearing, three months after a recovery is notified to the beneficiary by which the Commissions asks him to repay the pre-financing. The Commission undertakes to release the guarantee within the following month.
Pre-financing. Pre-financing is intended to provide the beneficiaries with a float. Where required by the provisions of Article I.5 on pre-financing, the co-ordinator shall furnish a financial guarantee from a bank or an approved financial institution established in one of the Member States of the European Union7.
Pre-financing. Where required by Article 1.4.1, the Contractor shall provide a financial guarantee in the form of a bank guarantee or equivalent supplied by a bank or an authorised financial institution (guarantor) equal to the amount indicated in the same Article to cover pre-financing under the Contract. Such guarantee may be replaced by a joint and several guarantee by a third party. The guarantor shall pay to the Contracting Authority at its request an amount corresponding to payments made by it to the Contractor which have not yet been covered by equivalent work on his part. The guarantor shall stand as first-call guarantor and shall not require the Contracting Authority to have recourse against the principal debtor (the Contractor). The guarantee shall specify that it enters into force at the latest on the date on which the Contractor receives the pre-financing. The Contracting Authority shall release the guarantor from its obligations as soon as the Contractor has demonstrated that any pre-financing has been covered by equivalent work. The guarantee shall be retained until the pre-financing has been deducted from interim payments or payment of the balance to the Contractor. It shall be released the following month or, at the latest, three (3) months after the issuance of a recovery order. The cost of providing such guarantee shall be borne by the Contractor.
Pre-financing. No pre-financing payment is foreseen.
Pre-financing. The European Commission will provide a payment of pre-financing of from 50% up to 80% of the sum referred to in Article 3(2) of the Special Conditions less contingencies within 45 days of receiving the agreement duly signed by the Organisation. The level of pre-financing referred to above shall be set at a level of between 50% and 80% in 5% increments taking into account the past record of the Humanitarian Organisation as regards timely submission of final report, budget execution rate and risk profile.
Pre-financing. (1) The minimum requirements for a pre-financing payment request are the following:
(a) the NAO has notified to the Commission the opening of the euro account concerned;
(b) the relevant Financing Agreement has been concluded and is in force.
(2) The detailed provisions concerning the calculation of pre-financing payments for annual and multi-annual programmes shall be set in the Sectoral and/or Financing Agreements.
(3) The total pre-financing amount shall be cleared at the latest when the programme is closed unless otherwise specified in the Sectoral or Financing Agreement.
Pre-financing. Pre-financing is intended to provide the beneficiaries with a float. Where required by the provisions of Article I.5 on pre-financing, the co-ordinator shall furnish a financial guarantee from a bank or an approved financial institution established in one of the Member States of the Union. The guarantor shall stand as first demand guarantor and shall not require the Commission to have recourse against the principal debtor (the co-ordinator). The financial guarantee shall provide that it remains in force until the pre-financing is cleared against interim payment(s) or payment of the balance by the Commission to the co-ordinator or, in the absence of such clearing, three months after a recovery is notified to the co-ordinator by which the Commissions asks him to repay the pre-financing. The Commission undertakes to release the guarantee within the following month.
Pre-financing. Pre-financing is intended to provide the beneficiary with a float.
Pre-financing. Not applicable
