Space Law TOP
Contents Intoroduction Preliminaries Chapter 1 Chapter 2
Chapter 3 Chapter 4 Appendix Index

Article 5


The financial envelope of the programme on the date of opening the present Arrangement for signature is estimated at 308 millions of accounting units at mid-1973 prices, on the basis of the elements described in annex B to the present Arrangement. This amount will be reviewed at the end of sub-phase B 2 of the definition phase.
The Participants agree that, should this review confirm the overall financial assumptions, they will continue the programme and initiate sub-phase B 3 of the definition phase, as well as the design, development and construction phase. Should it appear that the estimates will be significantly exceeded, the Participants who so wish may withdraw from the programme; however, those Participants that wish to continue with the programme shall consult among themselves and determine arrangements for such continuation.


The Participants fix a financial envelope of 10 millions of accounting units for the definition phase studies due to be completed by the end of 1973. The Participants agree to contribute to the financing of these studies in accordance with the scale set out in annexe B of the present Arrangement, but only up to the amounts required for the execution of sub-phases B 1 and B 2 due to be completed by the end of July 1973. When the review referred to in paragraph 1 of the present article is carried out, the Participants will decide whether to unblock the amount of the envelope that relates to sub-phase B 3.


When fixing the overall financial envelope of this programme in accordance with the provisions of paragraph 1 of the present article, the Participants shall determine by unanimous agreement, their individual percentage contributions.


The relevant annual budgets shall be subject to the approval of the Programme Board by a two-thirds majority within the relevant financial envelope.

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