Additional Financial Contributions Clause Samples
The 'Additional Financial Contributions' clause defines the circumstances under which one party may be required to provide extra funds beyond the initial agreed amount. This clause typically outlines the triggers for such contributions, such as unforeseen expenses, project overruns, or changes in scope, and specifies the process for requesting and approving these additional payments. Its core function is to ensure that there is a clear mechanism for addressing financial shortfalls or unexpected costs, thereby reducing disputes and ensuring the continuity of the project or agreement.
Additional Financial Contributions. 5.1 It is agreed that Neath Port Talbot, Swansea and the Health Board shall make financial contributions for the Services in addition to the Grant Funding (the “Additional Contributions”). The Additional Contributions for Financial Year 2021/22 are set out in Schedule 4.
5.2 The Additional Financial Contributions to the Service for future Financial Years shall be agreed by the APB at least four weeks before the start of the Financial Year
5.3 The APB shall agree and determine the Additional Contributions for each Financial Year. Any disagreement shall be resolved in accordance with the Dispute Resolution Procedure in paragraph 12 of the Schedule 3 to this Agreement.
5.4 It is agreed that the Additional Contributions are non-pooled funds (the Health Board funds and the Authorities’ funds are not pooled together).
Additional Financial Contributions. If additional financial contributions beyond an increase in dues are determined to be necessary, costs shall be shared among all voting members, with an option for King County to recuse itself from further financial obligations. Recused members may not vote on determining the additional financial contribution or uses for the additional funds.
Additional Financial Contributions. In the event that ▇▇▇ ▇▇▇▇▇▇▇ decided to make further financial contributions, once the donation committed in this Donation Agreement has been satisfied, extending the original deadline for the project, the parties may s gn an additional provision, under which new circumstances and applicable provisions will be established.
Additional Financial Contributions. (a) It is the intention of the Co-Venturers that all initial cash requirements of the Joint Venture Agreement be satisfied through the Initial Financial Contributions. However, as part of the Operating Plan, the Operations Manager shall from time to time suggest that the Co-Venturers will establish the necessary working capital of the Joint Venture Agreement. Such working capital shall be maintained in order to meet the costs and expenses of the Joint Venture Agreement;
(b) To the extent that the Joint Venture Agreement requires funds in addition to the Initial Financial Contributions as a result of a deficiency in the working capital or otherwise, either initially or later, and to the extent that the same cannot be raised by borrowing from banks or other financial institutions, the Co-Venturers hereby agree to make such additional cash contributions ("Additional Financial Contributions"), as are specified by the Operations Manager from time to time, acting reasonably, in accordance with the Percentage Participation;
(c) Pursuant to subsection (b) above, each Co-Venturer shall make his proportionate Additional Financial Contribution within 30 days of notice by the Operations Manager, made in writing, of the requirement to make an Additional Financial Contribution. The notice by the Operations Manager shall include the amount of the Additional Financial Contribution required to be made, and the purpose for same;
(d) If any Co-Venturer ("Defaulting Co-Venturer") fails to make the Additional Financial Contribution as required by the Operations Manager, then the other Co-Venturer ("Contributing Co-Venturer") shall forthwith have the right to advance the Additional Financial Contribution on behalf of the Defaulting Co-Venturer;
(e) Pursuant to subsection (d) above, the Defaulting Co-Venturer shall be obligated to repay to the Contributing Co-Venturer the monies contributed by the Contributing Co- Venturer within 60 days, or subsequently at the pleasure of the Contributing Co- Venturer, but said monies shall be repaid together with interest accrued at the rate of 5% per annum calculated monthly not in advance;
(f) If the Defaulting Co-Venturer fails to repay to the Contributing Co-Venturer the monies contributed by the Contributing Co-Venturer within 60 days, or subsequently at the pleasure and upon demand of the Contributing Co-Venturer, then the Defaulting Co-Venturer shall be in default of his obligations pursuant to the herein agreement (the "Date of First D...
Additional Financial Contributions. 19 Section 9 Other Agreements between Aventis and Nanogen ..............................................19
Additional Financial Contributions