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Article 64 Penalty for late completion of qualifying actions

Original text. Later amendments are not shown.

(1)

This article applies for the purpose of determining the value of “L” in the formula in article 55(2) where the ECO4 project consists of one or more qualifying actions which are not completed on time within the meaning of article 65(2).

(2)

The value of “L” is—

(a)

if the ECO4 project consists of one qualifying action which is not completed on time, the late completion penalty for that qualifying action;

(b)

otherwise, the sum of the late completion penalties for each of the qualifying actions in the ECO4 project which is not completed on time.

(3)

For the purposes of paragraph (2), the late completion penalty for a qualifying action in the project which is not completed on time is calculated in accordance with the following formula—

KM x 0.2.

(4)

In paragraph (3), “KM” is the determined cost savings for the qualifying action.