4.1.4.3. The third advance payment is paid on the basis of an application for payment and a settlement in the quarterly reports for the last two settled quarters of implementation of the project, min. 70% of expenditures planned in these quarters. As the third advance payment is paid for the 5th and 6th quarters, the last two settled quarters will be the 2nd and 3rd quarters and the settlement and the advance payment themselves are to be done in the 4th quarter. If in the 2nd and 3rd quarters, the expenditure were below 70%, after the lapse of next months the beneficiary can file an additional report if the threshold of 70% of expenditures planned in the 2nd and 3rd quarters was achieved. The advance payment is paid upon approval of the quarterly report for the third quarter of project implementation (including revised expenditure schedule) in the amount of co-financing of planned expenditures (according to the expenditure schedule) for the fifth and sixth quarter of project implementation. Example: For the first four quarters of project implementation, the Beneficiary planned expenditures of 25 000 for each, i.e. 100 000 in total. They received two advance payments (first for quarters 1 and 2, second for quarters 3 and 4) in the amount of 90 000 (the co-financing in the project is 85%, 100 000 x 90%=90 000). What is required to obtain the third payment for the 5th and 6th quarters is the settlement in the quarterly reports for the last 2 settled quarters (here: the 2nd and 3rd quarters) – at least 70% of expenditures planned in these quarters in total. The planned expenditures were 25 000 per quarter, so in order to obtain the third advance payment, at least (2 x 25,000) x 70% = 35,000 are to be settled in the 2nd and 3rd quarters. Table. Advance payment chart – example for an 8-quarter project, the financial contract signed in the month of commencement of implementation of the project or later. Advance Advance Advance Advance Project Condition Condition Condition Condition payment payment payment payment Implementation for for for for 4 3 2 1 (upon receipt of receipt of receipt of receipt of contract the the the the conclusion) advance advance advance advance payment payment payment payment for Q1 for Q3 for Q5 for Q7 and 2 and 4 and 6 and 8 Q1 bill of 70% exchange Q2 70% Q3 70% Q4
4.1.4.3. The third advance payment is paid on the basis of an application for payment and a settlement in the quarterly reports for the last two settled quarters of implementation of the project, min. 70% of expenditures planned in these quarters. As the third advance payment is paid for the 5th and 6th quarters, the last two settled quarters will be the 2nd and 3rd quarters and the settlement and the advance payment themselves are to be done in the 4th quarter. If in the 2nd and 3rd quarters, the expenditure were below 70%, after the lapse of next months the beneficiary can file an additional report if the threshold of 70% of expenditures planned in the 2nd and 3rd quarters was achieved. The advance payment is paid upon approval of the quarterly report for the third quarter of project implementation (including revised expenditure schedule) in the amount of co-financing of planned expenditures (according to the expenditure schedule) for the fifth and sixth quarter of project implementation. Example: For the first four quarters of project implementation, the Beneficiary planned expenditures of 25 000 for each, i.e. 100 000 in total. They received two advance payments (first for quarters 1 and 2, second for quarters 3 and 4) in the amount of 90 000 (the co-financing in the project is 85%, 100 000 x 90%=90 000). What is required to obtain the third payment for the 5th and 6th quarters is the settlement in the quarterly reports for the last 2 settled quarters (here: the 2nd and 3rd quarters) – at least 70% of expenditures planned in these quarters in total. The planned expenditures were 25 000 per quarter, so in order to obtain the third advance payment, at least (2 x 25,000) x 70% = 35,000 are to be settled in the 2nd and 3rd quarters. Table. Advance payment chart – example for an 8-quarter project, the financial contract signed in the month of commencement of implementation of the project or later. Advance payment 4 Advance payment 3 Advance payment 2 Advance payment 1 (upon contract conclusion) Project Implementation Condition for receipt of the advance payment for Q1 and 2 Condition for receipt of the advance payment for Q3 and 4 Condition for receipt of the advance payment for Q5 and 6 Condition for receipt of the advance payment for Q7 and 8 Q1 Q2 Q3 Q4 bill of exchange 70% 70% 70%
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