Subject to a successful evaluation, the ERC will prepare a grant agreement based on the proposal and the recommendations of the evaluation panels. Hosting institutions may accept or reject the applicable rules and conditions as provided within such grant agreements as a package.

The grant agreement is concluded between the Community (represented by the Commission/the ERC) and the hosting institution, the latter being legally entitled to receive funds granted by the ERC.

The grant agreement settles the rights and obligations of each contracting party in particular with regards to the project implementation, the Community's financial contribution and its allocation or the reporting obligations of the hosting institution and the Principal Investigator.

The grant agreement consists of a core text and the following annexes:

• Annex I: Scientific and technological description of the project according to the project proposal provided by the Principal Investigator in stage 2, taking into account the recommendations of the evaluation panels
• Annex II: General conditions stipulating the obligations of the contracting parties, in particular with regards to the scientific and financial conduct, the possible transfer of the grant to another institution as well as access rights and Intellectual Property Rights
• Annex III: Accession form settling the accession of further hosting institutions to the grant agreement (if applicable)
• Annexes IV and V: Financial reporting forms and terms of reference for certificates on the financial reporting as well as on the methodology

In addition, the hosting institution and the Principal Investigator shall conclude a supplementary agreement stipulating the hosting institution's commitment towards the necessary support and independence of the Principal Investigator for the efficient implementation of the project. The minimum requirements for this supplementary agreement are provided with the ERC grant agreement.

Provisions of the supplementary agreement, which are not in accordance with the grant agreement, shall be deemed to be void. The grant agreement will be signed by the ERC/the Commission only after having received the duly signed supplementary agreement.