Yes, the duration set in the Terms of Reference for each category of project corresponds to the total duration: at the end of the period, the project shall be finished, and the final financial and progress reports must be sent to the Joint Secretariat. It is up to the beneficiary to manage its workflow to meet the closure date, but we warmly recommend stopping project activities 3 months before the end of the project ending date, to ensure enough time for the final administrative obligations.
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