Budget Overruns. With respect to any Development Costs which, pursuant to this Agreement and/or a Global Development Plan or an approved Development Collaboration Proposal, are meant to be allocated between the Parties (rather than one Party being solely responsible for such Development Costs), each Party shall promptly inform the other Party upon determining that it is likely to exceed the budget amounts set forth in the annual Development Budget for the activities such Party is responsible for under the applicable Global Development Plan. To the extent that a Party (or its Affiliates or Sublicensees) incurs Development Costs for the activities such Party is responsible for under a Global Development Plan for a particular Calendar Year which on an aggregate basis for that year exceed the Development Costs allocated for such activity in the initial Development Budget for that Global Development Plan that includes such activity (the “Initial Development Budget”) by *** or less (a “De Minimis Overage Amount”), then such De Minimis Overage Amount shall automatically be included in such Development Budget for such year. However, to the extent that a Party (or its Affiliates or Sublicensees) incurs Development Costs for the activities such Party is responsible for under a Development Plan for a particular Calendar Year which on an aggregate basis for that year exceed the Development Costs allocated for such activity in the Initial Development Budget by more than ***, the “Excess Overage Amount”), the Party that has so exceeded its budget shall provide to the JRDC a full explanation for so exceeding its budget and such Excess Overage Amount shall only be included in such Development Budget to the extent that the JRDC agrees to allow some or all of the Excess Overage Amount to be included in such Development Budget as it considers equitable under the circumstances. To the extent that the JRDC does not agree to treat the Excess Overage Amount as Development Costs, the Party that has exceeded its budget shall be solely responsible for the Excess Overage Amount.
Budget Overruns. Costs and expenses exceeding the Stage One Budget shall be shared equally by the Parties, except that Corium shall bear full and sole responsibility for the cumulative costs and expenses that exceed [*] of the Stage One Budget. Costs and expenses exceeding the Stage Two Budget and Stage Three Budget, respectively, shall be borne solely by Abrika, except that Corium shall bear full and sole responsibility for the cumulative costs and expenses that exceed [*] of the Stage Two Budget and Stage Three Budget, respectively.
Budget Overruns. Overruns of fifteen percent (15%) or more of the amount provided for in any approved Budget shall require Board approval in accordance with Clause 17.6.13 (Board Decisions). Without prejudice to the foregoing, the Operator shall immediately notify the Technical Committee of any anticipated material departure from, or proposed changes to, the then applicable approved Budget and overruns of five percent (5%) or more of the amount provided for in an approved Budget shall be added to the agenda for discussion at the next meeting of the Board.
Budget Overruns. If, notwithstanding the Parties’ discussions regarding amendment of Joint Exploratory Development to “balance” the JEDP Budget Cap or increase the JEDP Budget Cap as outlined in Section 4.3(f)(i), the activities set forth in the Joint Exploratory Development Plan cannot be undertaken without incurring Development Costs in excess of the then-applicable JEDP Budget Cap, and either Party decides not to co-fund activities in excess of the JEDP Budget Cap in accordance with Section 4.3(f)(ii), then the other Party shall have the right to conduct the remainder of such Exploratory Development Activities set forth under such Joint Exploratory Development Plan as Unilateral Exploratory Development in accordance with Section 4.4 (in which event the Joint Exploratory Development Plan thereafter shall be deemed a Unilateral Exploratory Development Plan) and solely fund such activities (and the non-funding Party would have the right to participate in the joint funding and Development of any Product Candidates arising therefrom in accordance with Article 5).
Budget Overruns. Any costs for a given budget that are incurred by a Party that are [ * ] greater than the JDC-approved budget shall require approval of the JDC for payment. The Parties shall bear the cost of any such overrun equally; provided, however, that if the reason for the costs exceeding the JDC-approved budget by more than [ * ] is attributable to [ * ], then the costs incurred that are more than [ * ] greater than the JDC-approved budget for such item shall be [ * ].
Budget Overruns. The Manager shall immediately notify the Management Committee of any material departure from an adopted Program and Budget. If the Manager exceeds an adopted Budget by more than 10%, then the excess over 10%, unless directly caused by an emergency or unexpected expenditure made pursuant to Section 10.7 or unless otherwise authorized by the Management Committee, shall be for the sole account of the Manager, and such excess shall not be accounted for as a contribution of the Party acting as Manager in the calculations of the Parties’ respective Participating Interests. Budget overruns of 10% or less shall be borne by the Parties, in proportion to their respective Participating Interests at the time the overrun occurs.
Budget Overruns. 8.4.1 The Minister in charge of Hydrocarbons and the Contractor acknowledge that the technical results obtained as work progresses or certain unforeseen situational changes which may occur may justify modifications to an approved Annual Work Programme and corresponding Budget. As necessary, the Contractor shall inform the Minister in charge of Hydrocarbons of the planned modifications as soon as possible. These modifications shall be submitted for the review and approval of the Minister within [***] days following receipt of such notification. If the Minister in charge of Hydrocarbons neither approves or rejects these planned modifications within this [***]-day period, this failure to act shall be understood as approval of the aforesaid modifications.
8.4.3 If the Contractor reasonably believes that the Annual Budget has been exceeded, the Contractor must notify the Minister in charge of Hydrocarbons in a timely manner and provide the latter with a detailed and justified description of such overages.
8.4.4 The limits established in Article 8.4 shall not prejudice the right of the Contractor to incur expenses in case of emergency requiring immediate intervention pursuant to Article 8.5.
8.4.5 Except as indicated otherwise in Article 8.5, if the Contractor incurs an expense for which the programme and budget have not been approved in the context of an Annual Work Programme and a corresponding Annual Budget or any amendment thereto approved by the Minister in charge of Hydrocarbons, this expense shall not be recoverable by the Contractor as Oil Costs.
Budget Overruns. With respect to any year during the Term, Owner shall have the right to direct Operator to limit the Costs of Operation for the Plant so as not to exceed five percent (5%) above the total budgeted amount in the Annual Budget for that year. Operator shall use commercially reasonable efforts to do so (i) subject to Section 2.3 and (ii) consistent with Plant safety and the timing of such direction from Owner, in a manner that has the least effect on the Net Positive Output of the Plant.
Budget Overruns. Any amounts incurred by a Party that exceed [ * ] amounts approved by the JSC in the applicable budget (i.e., more than [ * ] over the budgeted amount) shall require approval of the JSC to be deemed a Shared Cost. To the extent that such overruns can be [ * ] by the Conducting Party, the JSC shall approve such increases to the applicable budget. If the JSC so agrees, the Parties shall bear the cost of any such budget overrun equally; except that if the reason for the overrun [ * ], then the amount of any overrun that [ * ] shall be [ * ].
Budget Overruns. In the event that the $850,000 budget for rig construction is exceeded, the first $100,000 of overruns, if any, are for the account of Alberta. In the event that additional overruns occur in excess of $950,000, all such overruns, if any, are for the account of Verdisys.
