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Prices are fixed and not subject to revision during the first year of the contract. 

At the beginning of the second and every following year of the contract, each price may be revised upwards or downwards at the request of one of the parties. 

A party may request a price revision in writing no later than three months before the anniversary date of entry into force of the contract. The other party must acknowledge the request within 14 days of receipt. 

At the anniversary date, the contracting authority must communicate the final index for the month in which the request was received, or failing that, the last provisional index available for that month. The contractor establishes the new price on this basis and communicates it as soon as possible to the contracting authority for verification. 

The price revision is calculated using the following formula: 

<img src='content_image/459422.jpg'>

where: Pr = revised price; Po = price in the tender; Io = index for the month in which the contract enters into force; Ir = index for the month in which the request to revise prices is received. 

## II.21.1. Date of payment 

## II.21. PAYMENTS AND GUARANTEES 

The date of payment is deemed to be the date on which the contracting authority's account is debited. 

## II.21.2. Currency 

Payments are made in euros, unless another currency is provided for in Article I.7. 

## II.21.3. Conversion 

The contracting authority makes any conversion between the euro and another currency at the daily euro exchange rate published in the Official Journal of the European Union, or failing that, at the monthly accounting exchange rate, as established by the European Commission and published on the website indicated below, applicable on the day when it issues the payment order. 

The contractor makes any conversion between the euro and another currency at the monthly accounting exchange rate, established by the Commission and published on the website indicated below, applicable on the date of the invoice. 

http://ec.europa.eu/budget/contracts_grants/info_contracts/inforeuro/inforeuro_en.cfm 

The costs of the transfer are borne as follows: 

(a) the contracting authority bears the costs of dispatch charged by its bank; 

(b) the contractor bears the costs of receipt charged by its bank; 

(c) the party causing repetition of the transfer bears the costs for repeated transfer. 

## II.21.4. Costs of transfer 

## II.21.5. Pre-financing, performance and money retention guarantees 

If, as provided for in Article I.6 , a financial guarantee is required for the payment of pre- financing, as performance guarantee or as retention money guarantee, it must fulfil the following conditions: 

