Common use of Recovery at payment of the balance Clause in Contracts

Recovery at payment of the balance. If the payment of the balance takes the form of a recovery (see Article 21.4), the Agency will formally notify a ‘pre-information letter’ to the beneficiary: - informing it of its intention to recover, the amount due as the balance and the reasons why; - specifying that it intends to deduct the amount to be recovered from the amount retained for the Guarantee Fund; and - inviting it to submit observations within 30 days of receiving notification. If no observations are submitted or the Agency decides to pursue recovery despite the observations it has received, it will confirm recovery (together with the notification of amounts due; see Article 21.5) and: - pay the difference between the amount to be recovered and the amount retained for the Guarantee Fund, if the difference is positive or - formally notify to the beneficiary a debit note for the difference between the amount to be recovered and the amount retained for the Guarantee Fund, if the difference is negative. This note will also specify the terms and the date for payment. If payment is not made by the date specified in the debit note, the Agency will recover the amount: (a) by offsetting it — without the beneficiary’s consent — against any amounts owed to the beneficiary by the Agency, the Commission or another executive agency (from the EU or Euratom budget). In exceptional circumstances, to safeguard the EU’s financial interests, the Agency may offset before the payment date specified in the debit note;

Recovery at payment of the balance. If the payment of the balance takes the form of a recovery (see Article 21.4), the Agency will formally notify a ‘pre-information letter’ to the beneficiary: - informing it of its intention to recover, the amount due as the balance and the reasons why; - specifying that it intends to deduct the amount to be recovered from the amount retained for the Guarantee Fund; and - inviting it to submit observations within 30 days of receiving notification. If no observations are submitted or the Agency decides to pursue recovery despite the observations it has received, it will confirm recovery (together with the notification of amounts due; see Article 21.5) and: - pay the difference between the amount to be recovered and the amount retained for the Guarantee Fund, if the difference is positive or - formally notify to the beneficiary a debit note for the difference between the amount to be recovered and the amount retained for the Guarantee Fund, if the difference is negative. This note will also specify the terms and the date for payment. If payment is not made by the date specified in the debit note, the Agency or the Commission will recover the amount: (a) by offsetting it — without the beneficiary’s consent — against any amounts owed to the beneficiary by the Agency, the Commission or another executive agency (from the EU or Euratom budget). In exceptional circumstances, to safeguard the EU’s financial interests, the Agency or the Commission may offset before the payment date specified in the debit note;

Recovery at payment of the balance. If the payment of the balance takes the form of a recovery (see Article 21.4), the Agency will formally notify a ‘pre-information letter’ to the beneficiary: - informing it of its intention to recover, the amount due as the balance and the reasons why; - specifying that it intends to deduct the amount to be recovered from the amount retained for the Guarantee Fund; and - inviting it to submit observations within 30 days of receiving notification. If no observations are submitted or the Agency decides to pursue recovery despite the observations it has received, it will confirm recovery (together with the notification of amounts due; see Article 21.5) and: - pay the difference between the amount to be recovered and the amount retained for the Guarantee Fund, if the difference is positive or - formally notify to the beneficiary a debit note for the difference between the amount to be recovered and the amount retained for the Guarantee Fund, if the difference is negative. This note will also specify the terms and the date for payment. If payment is not made by the date specified in the debit note, the Agency will recover the amount: (a) : by offsetting it — without the beneficiary’s consent — against any amounts owed to the beneficiary by the Agency, the Commission or another executive agency (from the EU or Euratom budget). In exceptional circumstances, to safeguard the EU’s financial interests, the Agency may offset before the payment date specified in the debit note;