✔ In line of principle, the final balance shall be made in one payment within 60 days of receipt of payment request
✔ If payments are made after the time limit, the Contracting Authority shall pay default interest
The grant shall be liquidated to the Grant Beneficiary by the Contracting Authority in one payment within 60 days of receipt of the payment request by the Contracting Authority.
The payment of the balance shall be made within 90 days of receipt of the payment request by the Contracting Authority in case of:
The payment request is deemed accepted if asked by using Annex V and if there is no written reply to the Contracting Authorities within the deadlines set above.
The request of payment is to be accompanied by:
The Contracting Authority may suspend the time-limit for payments by notifying the Coordinator that:
In such cases, the EC may request clarification, alteration or additional information, which must be produced within 30 days of the request. The time-limit starts running again on the date the required information is received.
The time-limit for payment shall start running again on the date on which a correctly formulated request for payment is recorded.
In case the information provided prove that there has been substantial errors, irregularities, fraud or breach of obligations, the Contracting Authority may refuse to proceed further with payments, and may terminate the contract accordingly.
If the Contracting Authority pays the Coordinator after the time limit, it shall pay default interest as follows:
By the way of exception, when the interest calculated in accordance with this provision is lower or equal to 200 euro, it will be paid to the Coordinator only upon demand submitted within two months of receiving late payments.
The default interest is not considered as an income.