Annexes to COM(2016)662 - Participation of the Union in the Partnership for Research and Innovation in the Mediterranean Area (PRIMA) jointly undertaken by several Member States

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dossier COM(2016)662 - Participation of the Union in the Partnership for Research and Innovation in the Mediterranean Area (PRIMA) jointly ...
document COM(2016)662 EN
date July  4, 2017
Agreement. The Commission normally expects the guarantors to accept the joint and several liability for debts of the IS.
3.However, on the basis of a detailed risk assessment, in particular if the outcome of the ex-ante pillar assessment carried out to the IS in line with Article 61 of the Financial Regulation is deemed to be adequate, the Commission Authorising Officer in charge of PRIMA will envisage that:

—Taking into account the principle of proportionality, the financial guarantees requested from the IS may be limited to the maximum amount of the Union contribution.

—In accordance, the liability of each guarantor may be proportionate to the share of their contribution to PRIMA.

The guarantors may agree on the modalities in which they will cover this liability in their respective letters of declaration on liabilities.