Regulation 7 Amount of the fee payable under regulation 6 and when it is payable

(1)

The amount of the fee payable under regulation 6 is to be determined in accordance with paragraphs (2) to (5).

(2)

Within a reasonable period after making a decision to undertake an assessment, the OfS must—

(a)

prepare an estimate of the total amount of all the costs to be reasonably incurred by it in undertaking that assessment, and

(b)

notify the governing body of the institution of that amount.

(3)

The amount of the estimate must be paid by the governing body—

(a)

within the period specified in accordance with regulation 11(1)(d) in the notice given to it under paragraph (2)(b), or

(b)

where the OfS has approved the payment of the amount of the estimate by instalments, in the amounts and within the periods specified in accordance with regulation 11(1)(d) in the notice given to it under paragraph (2)(b).

(4)

Within a reasonable period after completing an assessment, the OfS must—

(a)

prepare a statement of the total amount of all the costs reasonably incurred by it in undertaking that assessment, and

(b)

notify the governing body of that amount.

(5)

Where the total amount of all the costs reasonably incurred by the OfS in undertaking the assessment—

(a)

is greater than the amount estimated in accordance with paragraph (2), the amount of the difference is payable by the governing body to the OfS;

(b)

is less than the amount estimated in accordance with paragraph (2), the amount of the difference is payable by the OfS to the governing body;

(c)

is equal to the amount estimated in accordance with paragraph (2), no further amount is payable.

(6)

The amount of the difference—

(a)

if payable by the governing body under paragraph (5)(a), must be paid by the governing body—

(i)

within the period specified in accordance with regulation 12(1)(d) in the notice given to it under paragraph (4)(b), or

(ii)

where the OfS has approved the payment of the amount of the difference by instalments, in the amounts and within the periods specified in accordance with regulation 12(1)(d) in the notice given to it under paragraph (4)(b);

(b)

if payable by the OfS under paragraph (5)(b), must be paid by the OfS within 30 days of the date on which the notice under paragraph (4)(b) is issued.