262 NEWSLETTER 2021 Implementation Period and Acceptance of the Project The implementation period starts upon the signing of the EPC. Following the signature, an implementation control commission is assigned by the Administration. This commission is responsible for the construction of the project in accordance with the EPC, acceptance of the project in accordance with the EPC at the end of the implementation period, and the works and procedures to be carried out during the monitoring period. The contractor who won the tender, and signed the EPC with the Administration, will implement the project, and the contractor will bear the burden of all costs. Upon completion of the project implemented by the contractor, the Administration shall be informed with an official letter, and the acceptance process begins. Within this period, the implementation control commission makes the necessary checks and tests. If the project is accepted by the implementation control commission, an acceptance certificate is issued and, upon signing of the acceptance certificate by the parties, the ownership of the equipment passes to the Administration, and the monitoring period begins. There can be no encumbrances on the investments nor on the equipment used within the scope of the project. Monitoring Period, Savings Verification Activities and Payments The period that starts from the date of the implementation of project is accepted by the implementation control commission and continues throughout the EPC period is called the monitoring period. During this period, the contractor prepares a savings verification report at the end of each 12-months period, defined from the beginning of the period or at the end of the progress billing periods, as has been determined under the EPC. It is included in Annex-2 of the Communiqué in the savings verification report draft. Upon approval of the savings verification report by the implementation control commission, the contractor will be paid in accordance with the provisions of the EPC. However, if the savings verification report is not approved, the process and reconciliation methods to be followed between the Administration and the contractor are explained in the Communiqué.
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