Common use of Budget Contingency Clause Clause in Contracts

Budget Contingency Clause. a) It is mutually agreed that if the Budget Act of the current year and/or any subsequent years covered under this Agreement does not appropriate sufficient funds for the program, this Agreement shall be of no further force and effect. In this event, CalSTRS shall have no liability to pay any funds whatsoever to Contractor or to furnish any other considerations under this Agreement and Contractor shall not be obligated to perform any provisions of this Agreement. b) If funding for any fiscal year is reduced or deleted by the Budget Act for purposes of this program, CalSTRS shall have the option to either cancel this Agreement with no liability occurring to CalSTRS, or offer an agreement amendment to Contractor to reflect the reduced amount. c) Pursuant to the Teachers’ Retirement Board (board) policy, any Agreement which exceeds $1,000,000 in cumulative value must be approved by the board. If the Agreement term spans multiple fiscal years and board approval of the cumulative fiscal year value is required, it is mutually agreed that if the board does not approve funding for current year and/or any subsequent years, this Agreement shall be of no further force and effect.

Budget Contingency Clause. a) It is mutually agreed that if the Budget Act of the current year and/or any subsequent years covered under this Agreement does not appropriate sufficient funds for the program, this Agreement shall be of no further force and effect. In this event, CalSTRS shall have no liability to pay any funds whatsoever to Contractor or to furnish any other considerations under this Agreement and Contractor shall not be obligated to perform any provisions of this Agreement. b) If funding for any fiscal year is reduced or deleted by the Budget Act for purposes of this program, CalSTRS shall have the option to either cancel this Agreement with no liability occurring to CalSTRS, or offer an agreement amendment to Contractor to reflect the reduced amount. c) Pursuant to the Teachers’ Retirement Board (board) policyGovernance Manual, any Agreement which exceeds $1,000,000 in cumulative value must be approved by the board. If the Agreement term spans multiple fiscal years and board approval of the cumulative fiscal year value is required, it is mutually agreed that if the board does not approve funding for current year and/or any subsequent years, this Agreement shall be of no further force and effect.

Budget Contingency Clause. a) It is mutually agreed that if the Budget Act of the current year and/or any subsequent years covered under this Agreement does not appropriate sufficient funds for the program, this Agreement shall be of no further force and effect. In this event, CalSTRS shall have no liability to pay any funds whatsoever to Contractor or to furnish any other considerations under this Agreement and Contractor shall not be obligated to perform any provisions of this Agreement. b) If funding for any fiscal year is reduced or deleted by the Budget Act for purposes of this program, CalSTRS shall have the option to either cancel this Agreement with no liability occurring to CalSTRS, CalSTRS or offer an agreement amendment to Contractor to reflect the reduced amount. c) Pursuant to the Teachers’ Retirement Board (board) policy, any Agreement which exceeds $1,000,000 in cumulative value must be approved by the board. If the Agreement term spans multiple fiscal years and board approval of the cumulative fiscal year value is required, it is mutually agreed that if the board does not approve funding for current year and/or any subsequent years, this Agreement shall be of no further force and effect.