CHAPTER IGENERAL PROVISIONS

Article 7Release and forfeit of securities

1.

The release of security provided for in Article 24(2) of Commission Delegated Regulation (EU) No 907/201420 may be partial in proportion to the quantity of products for which the evidence of fulfilling the obligation to import or export has been furnished. That quantity shall not be less than 5 % of the total quantity specified on the licence.

However, if the quantity imported or exported amounts to less than 5 % of the quantity specified on the licence, the whole security shall be forfeit.

2.

When calculating the part of the security to forfeit, where applicable, the licence issuing authority shall deduct an amount corresponding to the quantitative tolerance referred to in Article 5(4).

3.

Where the licence issuing authority waives the security requirement where the value of the sum secured is less than F1£500, as provided for in Article 18(2) of Delegated Regulation (EU) No 907/2014, the amount of the sum equal to the security to forfeit shall be paid by the party concerned on expiry of 60 days following the date on which the validity of the licence expires.

4.

If the total amount of the security which would be forfeit comes to F2£100 or less for a given licence, the licence issuing authority shall release the whole security.