ECOWAS Tenders Code 4. The beneficiary of the pledge shall notify the Contracting Authority of the release of the credits and shall give him the copy above referred along with a copy of the pledge instrument as documentary evidence. Notification shall be effected by registered mail. 5. The beneficiary of a pledge may transfer part or the totality of its rights to another credit institution which shall so inform the Contracting Authority for payment purposes. 6. The rights of beneficiaries under the provisions of this Code, subject to the laws governing the contract which is being executed, shall prevail against any other rights with the exception of the following rights related to payments to the treasury, legal costs and workers entitlements. 7. Where, after the notification of contract award, the contractor plans to assign a portion of the contract to sub-contractors benefiting from direct payments, he must request a modification of the certified true copy of the contract. Chapter VI: Contract Management Article 80: Inspection, monitoring and auditing of public contracts 1. All contracts concluded by the Community Institutions shall be subject to technical inspections, performance monitoring, and audits. 2. These functions of inspection, monitoring and auditing shall be conducted directly by the competent departments of the Institutions or by private entities engaged by the Community Institutions for such purpose. 3. The conditions and modalities for technical inspection and monitoring shall be fixed in the technical specifications for each category of contract. Chapter VII: Termination and Suspension of Contracts Article 81: Termination The contract may be terminated according to the conditions stipulated below: 1. By the procuring entity in the following cases: a) the supplier, contractor or service provider’s failure to perform its obligations; b) its liquidation, or if it is forbidden by a court decision to pursue its activity, its bankruptcy, unless the procuring entity accepts an offer made by its creditors, c) its death, civil or physical incapacitation, except where the procuring entity agrees that the contract be completed by its heirs or successors or any person designated by a court of law; or d) for convenience. 2. By the supplier, contractor or service provider, Final Page 37