Annual Plan and Budget Clause Samples
The Annual Plan and Budget clause establishes the requirement for parties to prepare and agree upon a detailed plan and budget for each year of their agreement. Typically, this involves outlining the specific activities, timelines, and financial resources needed for the upcoming year, with both parties reviewing and approving the plan before implementation. This clause ensures that expectations are clearly set in advance, promotes transparency in operations and spending, and helps prevent misunderstandings or disputes over resource allocation during the contract term.
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Annual Plan and Budget. Not later than October 1 of each year during the term of this Agreement, Corixa shall prepare and recommend to the GenQuest Board of Directors an updated Annual Plan and Budget setting forth the objectives to be obtained during the next calendar year, including the time such objectives are expected to be met (provided, however, that such time frames are not binding on either party), and the Reimbursable Costs for such services. Such Annual Plan and Budget shall be consistent with the fulfillment of Corixa's responsibilities hereunder. Upon approval of such proposed Annual Plan and Budget by the GenQuest Board of Directors, with such changes as the Board of Directors of GenQuest may direct and Corixa may approve, the same shall constitute the Annual Plan and Budget for such calendar year for all purposes of this Agreement and will be attached hereto as Schedule A, and the payment of the Reimbursable Costs set forth therein to Corixa shall be guaranteed by the Board of Directors of GenQuest.
Annual Plan and Budget. Not later than 90 days before the commencement of each calendar year beginning after the Effective Date, the Supplier shall prepare and submit to the Purchaser for approval a good faith draft operational forecast of the SUMF Charges (the "Draft Annual Plan and Budget") for the following calendar year taking into full account the forecast data provided to the Supplier by the Purchaser.
Annual Plan and Budget. If instructed by the Trust Board, the Creditor Trustee shall prepare and submit to the Trust Board for approval an annual plan and budget in such detail as is reasonably requested.
Annual Plan and Budget. Borrower shall furnish or cause ---------------------- to be furnished to the Agent the annual "Operating Budget" and any other items to be submitted to the Mortgage Lender under Section 5.1(q) of the Mortgage Loan Agreement (which budget and plan shall also address, in a manner mindful of the Special Purpose requirements imposed on Borrower and the Property Owner, Borrower's administrative expenses), at the times provided for therein. The Agent shall have hereunder the same approval rights with respect to such plan and budgets as are provided to the Mortgage Lender under the Mortgage Loan Agreement, and Borrower shall implement through the Property Owner any disapprovals by the Agent. In addition to the foregoing, Borrower shall submit to Agent, for Agent's approval (which approval shall not be unreasonably withheld or delayed), a proposed annual budget of administrative expenses (which may include reasonable allocations of internal costs of Borrower's affiliates) of Borrower and DSMLP. Such budget shall be approved or disapproved by Lender within ten (10) Business Days after Borrower's submission thereof. Upon approval of such budget, provided no Event of Default shall exist and be continuing, the disbursements to be made on each Payment Date under the Cash Management Procedures in respect of such administrative expenses for each of Borrower and DSMLP shall equal one-twelfth (1/12th) of the approved amount for each such Person; if an Event of Default shall have occurred and be continuing, then the amount that would otherwise be payable to Borrower hereunder may be applied to any amounts due and payable hereunder or in respect of the Loan or held as additional security for Borrower's obligations.
Annual Plan and Budget. Without limiting the foregoing, the General Manager shall be responsible for the preparation of the annual operating plans and budgets of the Joint Venture. The operating plans and budgets for the next Financial Year shall be submitted to the Board of Directors for examination and approval no later than thirty (30) days prior to the end of each Financial Year and shall include detailed plans and projections regarding:
19.5.1 procurement of machinery, equipment and other capital expenditures of the Joint Venture;
19.5.2 plans and policies with respect to the businesses and operation of the Joint Venture;
19.5.3 estimated revenues, expenditures and profits of the Joint Venture;
19.5.4 staffing levels and plans for training personnel of the Joint Venture; and
19.5.5 marketing and promotion plans for the services provided by the Joint Venture and service price proposals.
Annual Plan and Budget. Attached as Schedule V hereto is the initial development budget for each Collaborator's research and development activities (including third party subcontractors) related to Products in the Major Markets for the period from October 1, 1993 through December 31, 1993. For each calendar year beginning January 1, 1994, the Development Committee shall prepare and submit to the Management Committee for approval an annual development plan and budget for Products in the Major Markets. The plans and budgets included in SCHEDULE V and each subsequent development plan and budget approved by the Management Committee are referred to in this Agreement as the "Development Plans".
Annual Plan and Budget. A. On or before September 30 of each year in which this Agreement is in effect, CMAP shall provide to the Cities an “Annual Plan and Budget” outlining activities and programs planned for the following fiscal year with funds and other resources provided by the Cities. Such plan shall contain:
1. A statement of the anticipated number of hours of PEG access programming to be cablecast;
2. Training classes to be offered and frequency of classes;
3. Other PEG access activities planned by CMAP; and
4. A detailed operating and capital equipment and facilities budget which shows projected revenues and expenditures for the next fiscal year, planned capital improvements and planned purchases of new or replacement equipment.
Annual Plan and Budget. (A) Not later than sixty (60) days prior to commencement of each full fiscal year during the Operating Period, Manager shall submit to Owner, for approval, a proposed annual business plan and operating budget (each, an “Annual Plan and Budget”), which shall include goals, objectives, estimated revenues, operating expenses and capital expenditures for the ensuing fiscal year. Each Annual Plan and Budget shall contain line item expenses, revenues and monthly and annual budgets. Each Annual Plan and Budget is intended to be a reasonable estimate of the operating performance of the Facilities for the respective fiscal year. With respect to monthly budgets, Owner acknowledges that such budgets are intended as Manager’s estimate of the timing of revenues and expenses, but that weather and other factors impacting the operation of the Facilities may cause anticipated revenues or expenditures indicated in the monthly budget amounts to be accelerated or delayed. Owner acknowledges that Manager has not made, and will not make any, guarantee, warranty, or representation of any nature concerning any Annual Plan and Budget, gross receipts or operating expenses of the Facilities.
(B) Each Annual Plan and Budget shall be subject to the prior written approval of Owner, which approval shall not be unreasonably withheld. Each Annual Plan and Budget will be agreed upon by the parties not later than the beginning of the fiscal year for which that Annual Plan and Budget applies. If Owner fails to either approve any Annual Plan and Budget by the beginning of the respective fiscal year or to advise Manager of its objections to that Annual Plan and Budget within such period, then Owner shall be deemed to have approved the Annual Plan and Budget as submitted.
(C) Once approved, Manager may propose amendments or revisions to any Annual Plan and Budget to take into consideration variables or events that did not exist, or could not reasonably be anticipated by Manager, at the time such Annual Plan and Budget was prepared. Any such proposed amendments or revisions shall be submitted to Owner in writing and shall be subject to Owner’s prior approval, which approval shall not be unreasonably withheld, conditioned, or delayed.
Annual Plan and Budget. A. No later than three (3) months prior to the beginning of each fiscal year in which this RESTATED AGREEMENT is in effect, SJCMAC shall provide to CITY an “Annual Plan and Budget” outlining activities and programs planned for the following fiscal year with funds and other resources provided by CITY. Such plan shall at a minimum contain:
1. A statement of the anticipated number of hours of locally produced or provided PE access programming to be cablecast;
2. Training classes to be offered and frequency of classes;
3. Other PE access activities planned by SJCMAC; and
4. A detailed operating and capital equipment and facilities budget.
B. CITY shall review the Annual Plan and Budget and may make recommendations with regard to fiscal controls and expenditures consistent with this RESTATED AGREEMENT and best practices for community media centers that are necessary to insure the long term fiscal viability of SJCMAC and the ability of SJCMAC to adequately perform the required services through the term of this RESTATED AGREEMENT.
Annual Plan and Budget. The Board of Managers shall prepare or cause to be prepared for each fiscal year of the Company an operating budget setting forth the anticipated revenues and expenses of the Company for such fiscal year. The initial operating budget for the Company is attached as Exhibit E hereto. Each operating budget approved by the Board of Mangers, shall become the “Annual Plan and Budget” for the applicable fiscal year. The Board of Managers may from time to time during the fiscal year amend the Annual Plan and Budget.