5. Article

Payments of Assessments (1) Call for payments: a) Upon the annual approval of the Budget, BALTDEFCOL Chief of Finance submits the calls to the Participants for payments for the next FY. b) Upon the decision to invite non-Participants' students to join BALTDEFCOL courses, BALTDEFCOL Chief of Finance submits the calls to the sending non-Participants or the sponsoring state for payments. (2) Payment of assessments: a) 1/2 of the assessment related to the approved Budget for the FY will be forwarded by each of the Participants to BALTDEFCOL not later than 15th January of the FY. The remaining 1/2 of the assessment related to the approved Budget for the FY will be forwarded by each of the Participants to BALTDEFCOL not later than lst of June of the FY. b) Assessments related to agreed course fees and any other sponsored costs for non-Participant students will be forwarded to BALTDEFCOL no later than lst of July, one month prior to the start of the School Year, for which the student is assigned. c) All payments will be transferred to a bank account duly designated by BALTDEFCOL. Payments will be made free of charge of the beneficiary. (3) BALTDEFCOL will immediately bring any problem relating to a Participant's, non-Participant's or sponsoring state's agreed payments to BALTDEFCOL activities to the notice of the MC.
  1. (1)) Call for payments:
  2. a)) Upon the annual approval of the
  3. b)) Upon the decision to invite
  4. (2)) Payment of assessments:
  5. a)) 1/2 of the assessment related
  6. b)) Assessments related to agreed
  7. c)) All payments will be
  8. (3)) BALTDEFCOL will immediately