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Council Regulation (EEC) No 1416/76 of 1 June 1976 on the financial provisions applying to the European Centre for the Development of Vocational Training

article  49

CELEX:  01976R1416-19930726

By way of guarantee of the performance of the contracts, it may be required of the suppliers or contractors by a clause included among the warranty clauses, that they make a preliminary deposit. The amount of the deposit shall be fixed:
— according to the usual trade terms of supply contracts;
— according to the special conditions governing building contracts. For building works involving an amount exceeding the limit laid down in the implementing rules provided for in Article 126 of the Financial Regulation applicable to the general budget of the Communities ◄ , a deposit shall be obligatory. A security may be retained until final acceptance of delivery. Where a contract has not been performed or completion has been late, the Centre shall ensure that it is adequately compensated in respect of all damages, interest and costs by the deduction of the amount from the deposit, whether this has been lodged directly by the supplier or contractor, or by a third party.