[review and] the Agency’s acceptance of all related deliverables. Progress (MS 3): Upon successful T0 + months … €…,… completion of WP and/or successful … [review and] the Agency’s acceptance of all related deliverables. Final Settlement (MS 4): Upon the Agency’s T0 + months … €…,… acceptance of all deliverable items due (min. 20%) under the Contract and the Contractor’s fulfilment of all other contractual obligations, including submission of the Contract Closure Documentation. Total €…,… Include the following explanatory text and table if you wish to propose an advance payment plan. The advance payment shall take into account Article 3 of the Draft Contract and the following provisions: An advance payment is not granted automatically, it is required to demonstrate a significant need for cash disbursement at the beginning of the execution of the contract. The amount of any proposed advance payment and the corresponding amount(s) to be offset against the relevant milestone payment(s) shall be clearly stated in Euro, along with a justification for the need for cash disbursement at the beginning of the execution of the contract. Nevertheless, whenever an SME (as per definition in ) is involved as prime or subcontractor, it shall be entitled to a 35% advance payment irrespective of any cash disbursement needs. Further, the SME has the right to request the offset of the 35% advance at the end of the contract i.e. the two last milestones (ideally 25% at the last milestone and 10% at the preceding milestone), if this can be justified in view of the economic progress in the contract. An advance payment is proposed in the below. his proposal reflects the need [if needed]: for significant cash disbursement at the beginning of the activity, as shown in the cash flow profile presented in form PSSA15.1. The reasons for this early cash disbursement are [in case of no SME involved]: ……. Figure G.4 Advance payment(s) and other financial conditions Entity Entity Code Country Advance Offset Offset Condition for (P) Name (ISO Payment Against By Euro Release of the Code) (in Euro) Milestone Advance Payment P 1 000 xxx xxx MS… Upon signature … … €…,… €…,… of the contract by both parties.
[review and] the Agency’s acceptance of all related deliverables. Progress (MS 3): Upon successful completion of WP … and/or successful [review and] the Agency’s acceptance of all related deliverables. T0 + … months €…,… Final Settlement (MS 4): Upon the Agency’s acceptance of all deliverable items due under the Contract and the Contractor’s fulfilment of all other contractual obligations, including submission of the Contract Closure Documentation. T0 + … months €…,… (min. 20%) Total €…,… Include the following explanatory text and table if you wish to propose an advance payment plan. The advance payment shall take into account Article 3 of the Draft Contract and the following provisions: An advance payment is not granted automatically, it is required to demonstrate a significant need for cash disbursement at the beginning of the execution of the contract. The amount of any proposed advance payment and the corresponding amount(s) to be offset against the relevant milestone payment(s) shall be clearly stated in Euro, along with a justification for the need for cash disbursement at the beginning of the execution of the contract. Nevertheless, whenever an SME (as per definition in ) is involved as prime or subcontractor, it shall be entitled to a 35% advance payment irrespective of any cash disbursement needs. Further, the SME has the right to request the offset of the 35% advance at the end of the contract i.e. the two last milestones (ideally 25% at the last milestone and 10% at the preceding milestone), if this can be justified in view of the economic progress in the contract. [if needed]: An advance payment is proposed in the below. his proposal reflects the need for significant cash disbursement at the beginning of the activity, as shown in the cash flow profile presented in form PSSA15.1. [in case of no SME involved]: The reasons for this early cash disbursement are ……. Figure G.4 Advance payment(s) and other financial conditions (P) Entity Name Entity Code Country (ISO Code) Advance Payment (in Euro) Offset Against Milestone Offset By Euro Condition for Release of the Advance Payment P … 1 000 xxx xxx … €…,… MS… €…,… Upon signature of the contract by both parties.