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Q: Are coordinators financially responsible for all partners? (All Calls)
A: In FP7 there is no more financial collective responsibility as there was in FP6. The financial responsibility of each beneficiary shall be limited to its own debt, subject to the provisions of Annex II to the Grant Agreement, Article II.19 "Guarantee Fund". The Guarantee Fund was established in order to manage the risk associated with non-recovery of sums due to the EU by beneficiaries of grant agreements under FP7. The contribution of the beneficiaries to the fund – 5% of the total contribution of the EU - is transferred to the Guarantee Fund by the REA on their behalf. The amount, deducted from the pre-financing is clearly stated in the core Grant Agreement. In principle, after the final payment is made at the end of the project, the amount contributed to the Fund under the Grant Agreement shall be returned to the beneficiaries via the coordinator.
Category : FP7 (Seventh Framework Programme) ( ITN (Initial Training Networks) ) , Marie Curie Actions ( ITN (Initial Training Networks) ) , ITN (Initial Training Networks) ( Financial Aspects )