Article 4
Securities
Tenderers shall establish a security of EUR 50 per tonne of olive oil covered by a tender.
Article 5
Shortening the term of contracts
The Commission may, on the basis of developments on the market in olive oil and the outlook for the future, decide, in accordance with the procedure referred to in Article 195(2) of Regulation (EC) No 1234/2007, to shorten the term of contracts which are being performed and adjust the amount of the aid accordingly. The contract with the successful tenderer shall include reference to this option.
Article 6
Notification of the tenders to the Commission
In accordance with Article 12 of Regulation (EC) No 826/2008 all valid tenders shall be notified separately by Member States to the Commission, within 24 hours from the end of each tendering sub-period as referred to in Article 3(1) of this Regulation.
Article 7
Entry into force
This Regulation shall enter into force on the day following that of its publication in the
Official Journal of the European Union
.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Done at Brussels, 14 October 2011.
For the Commission
Joaquín ALMUNIA
Vice-President
(1)
OJ L 299, 16.11.2007, p. 1
.
(2)
OJ L 223, 21.8.2008, p. 3
.