Payment

Beneficiaries can choose between several payment options. They can opt for a pre-financing or for an interim payment. Requests for pre-financing must be accompanied by a bank guarantee. The beneficiary may submit a request for an interim payment to the EACI once a project has advanced sufficiently to cover costs already incurred. Pre-financing and interim payments may not exceed 70% of the maximum grant amount contained in the grant agreement [283 KB] .

The balance is paid to the beneficiary on completion of the project on the basis of costs duly incurred, results obtained and financial loss.

How long does it take?

The EACI's time limit for making pre-financing, interim or final payments is normally 90 days from reception of the request. But if the EACI asks for more information or documentation, the payment period is extended. The documents to be submitted to support each payment request are specified in the grant agreement:

• A interim/final report on the implementation of the project
• A interim/final financial statement on eligible costs actually incurred
• A full summary statement of receipts and expenditures
• An audit certificate of the project's financial statements and underlying accounts for each beneficiary (in case the requested subsidy exceeds €150,000 per beneficiary)

For all action types except common learning actions, a certificate from an approved auditor attesting that the tonne-kilometres of modal shift or traffic avoidance declared by the beneficiary are real and accurately recorded.

These items help the EACI to determine the final amount of each grant. The amounts set out in the grant agreements are clearly indicated as maximum amounts. Any profit made over the period of the action as a whole is deducted from the grant. Grants are also reduced when actual eligible costs are below the estimated eligible costs as set out in the grant agreement. This is also the case if the contracted targets are not reached.

In cases where pre-financing payments made already exceed the final grant amount, the beneficiary will reimburse EACI any excess amount received.

The grant agreement [283 KB] contains the standard clauses for dealing with payments for projects which are terminated before completion.