Article 6
1. Proposals for projects may be submitted by any natural or legal persons established in the Community who: (a) possess recognised competence and at least five years' professional experience in the field in question; (b) undertake to contribute from their own resources at least 25 % of the total financing of the project. However, projects carried out on the initiative and on behalf of the Commission shall be financed by the Fund at a rate of up to 100 % of the total cost; (c) undertake to carry out the proposed programme within the time limit laid down; (d) agree to provide regular reports on the progress of the work; (e) agree to make their accounts and other supporting documents on expenditure available for verification by the Commission; (f) agree to the conditions laid down in Articles 9, 10 and 11. 2. Projects may be carried out on an annual basis, and may be renewed, but may not however exceed five years from the date on which the contract is signed. However, the time limit for implementation may be extended if the interested party requests the Commission to extend it and provides proof that, because of exceptional circumstances beyond that party's control, it is not able to comply with the time limit initially laid down.