4. Article

Reporting from Intermediary to Focal Point The Intermediary will submit quarterly Project Interim Reports to the Focal point. The accounting unit of the Intermediary shall be responsible for preparing the part of the Project Interim Report relevant to the payment claim on the basis of the signed contracts or approved reports and submitting them to the Paying Authority. 5. Disbursements to Intermediary (management costs) 5.1 Advance payment scheme: 10% of the management costs will be paid as an advance payment, to be set off when 80% of the amount for 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.