4. Article

Reporting from Intermediary to Focal Point The Intermediary shall submit quarterly Project Interim Reports to the Focal point. The reports shall be prepared and submitted in accordance with the Beneficiary State Reporting and Monitoring Guideline and the Disbursement Guideline. 5. Disbursements to Intermediary (management costs) 5.1 Advance payment scheme: 20 percent of the management costs will be disbursed as an advance payment, to be set off when 80 percent of the management cost has been disbursed. 5.2 Subsequent disbursements: Disbursement of incurred costs will be made following acceptance of Project Interim Reports. Final disbursement of the balance of the incurred management costs will be made following acceptance of the Project Completion Report.