Difference between revisions of "EGI-Engage:Advance Payments"
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[[Category:EGI-Engage]] | [[Category:EGI-Engage]] | ||
| − | The project budget amounts to '''8,000,000 euros'''. The pre-financing amounts to 50% of the total budget of which 5% is transferred to the Participant Guarantee Fund (PGF). | + | The project budget amounts to '''8,000,000 euros'''. The pre-financing amounts to 50% of the total budget of which 5% is transferred to the Participant Guarantee Fund (PGF). The maximum amount of the pre-financing and interim payments cannot exceed 85% of the total budget (90% minus 5% transferred to the PGF). The payment schedule, which contains the transfer of pre-financing and interim payment to Parties will be handled according to the following planning: |
| − | The maximum amount of the pre-financing and interim payments cannot exceed 85% of the total budget (90% minus 5% transferred to the PGF). | + | |
| − | The payment schedule, which contains the transfer of pre-financing and interim payment to Parties will be handled according to the following planning: | + | '''<br> i- Pre-Financing: 3,600,000 euros''' |
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It is equivalent to 13.5 budget months. It will be repaid to Parties as follows: | It is equivalent to 13.5 budget months. It will be repaid to Parties as follows: | ||
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| − | |||
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| − | '''<br | + | *75% at the signature of the Consortium Agreement or upon reception depending which one is last, 2,700,000 euros (~10 budget months equivalent) |
| − | The interim payments will reimburse the accepted funded costs incurred during the project reporting period; | + | *25% at M10, 900,000 euros (~3.5 budget months equivalent). A new schedule can be proposed if the signature of the Consortium Agreement is overly delayed. |
| − | + | ||
| − | + | '''<br> ii- Interim costs:''' | |
| − | The payments calculation cannot exceed the funded costs accepted in the reporting period. The proposed payments will seek approval of the PMB; clarifications may be requested to justify excessive over or under spending of the grant during the reporting period. | + | The interim payments will reimburse the accepted funded costs incurred during the project reporting period; |
| − | The total amount of the pre-financing plus interim payments cannot exceed the share of the beneficiary caped to 85% of its grant. | + | |
| + | *P1: March 1st, 2015 to February 29th, 2016 (M1-M12) | ||
| + | *P2: March 1st, 2016 to August 31st, 2017 (M13-M30) | ||
| + | |||
| + | The payments calculation cannot exceed the funded costs accepted in the reporting period. The proposed payments will seek approval of the PMB; clarifications may be requested to justify excessive over or under spending of the grant during the reporting period. The total amount of the pre-financing plus interim payments cannot exceed the share of the beneficiary caped to 85% of its grant. | ||
| − | '''<br | + | '''<br> iii- Payment of the balance: 1,200,000 euros (10% of total budget + 5% of PGF):''' |
It will be repaid by the Commission upon approval of the final report. It is calculated by deducting the amount of the pre-financing and interim payment from the total grant claimed and accepted by the Parties. | It will be repaid by the Commission upon approval of the final report. It is calculated by deducting the amount of the pre-financing and interim payment from the total grant claimed and accepted by the Parties. | ||
| − | The Coordinator is entitled to withhold any payments due to a Party identified by the CB to be in breach of its obligations under this Consortium Agreement or the Grant Agreement or to a Beneficiary, which has not yet signed this Consortium Agreement. | + | |
| + | The Coordinator is entitled to withhold any payments due to a Party identified by the CB to be in breach of its obligations under this Consortium Agreement or the Grant Agreement or to a Beneficiary, which has not yet signed this Consortium Agreement. | ||
| + | |||
The Coordinator is entitled to recover any advanced payments already paid to a Defaulting Party. The Coordinator is equally entitled to withhold payments to a Party only when this is suggested by or agreed with the Funding Authority. | The Coordinator is entitled to recover any advanced payments already paid to a Defaulting Party. The Coordinator is equally entitled to withhold payments to a Party only when this is suggested by or agreed with the Funding Authority. | ||
Revision as of 22:13, 19 May 2015
| EGI-Engage Project Office: | Contact details | Contracts, Minutes | Reimbursing procedures | Project reporting | Advance Payments | Financial reports | Project Administration Archive |
The project budget amounts to 8,000,000 euros. The pre-financing amounts to 50% of the total budget of which 5% is transferred to the Participant Guarantee Fund (PGF). The maximum amount of the pre-financing and interim payments cannot exceed 85% of the total budget (90% minus 5% transferred to the PGF). The payment schedule, which contains the transfer of pre-financing and interim payment to Parties will be handled according to the following planning:
i- Pre-Financing: 3,600,000 euros
It is equivalent to 13.5 budget months. It will be repaid to Parties as follows:
- 75% at the signature of the Consortium Agreement or upon reception depending which one is last, 2,700,000 euros (~10 budget months equivalent)
- 25% at M10, 900,000 euros (~3.5 budget months equivalent). A new schedule can be proposed if the signature of the Consortium Agreement is overly delayed.
ii- Interim costs:
The interim payments will reimburse the accepted funded costs incurred during the project reporting period;
- P1: March 1st, 2015 to February 29th, 2016 (M1-M12)
- P2: March 1st, 2016 to August 31st, 2017 (M13-M30)
The payments calculation cannot exceed the funded costs accepted in the reporting period. The proposed payments will seek approval of the PMB; clarifications may be requested to justify excessive over or under spending of the grant during the reporting period. The total amount of the pre-financing plus interim payments cannot exceed the share of the beneficiary caped to 85% of its grant.
iii- Payment of the balance: 1,200,000 euros (10% of total budget + 5% of PGF):
It will be repaid by the Commission upon approval of the final report. It is calculated by deducting the amount of the pre-financing and interim payment from the total grant claimed and accepted by the Parties.
The Coordinator is entitled to withhold any payments due to a Party identified by the CB to be in breach of its obligations under this Consortium Agreement or the Grant Agreement or to a Beneficiary, which has not yet signed this Consortium Agreement.
The Coordinator is entitled to recover any advanced payments already paid to a Defaulting Party. The Coordinator is equally entitled to withhold payments to a Party only when this is suggested by or agreed with the Funding Authority.
