Budget Overruns and Program Changes Sample Clauses

Budget Overruns and Program Changes. After the Sole Funding Period, the General Manager shall promptly notify the Board of any actual or anticipated material departure from an Adopted Program and Budget. Budget overruns shall be borne by the Shareholders in proportion to their respective Ownership Interests as of the time the overrun occurs unless the overrun is due to the gross negligence or wilful default of the General Manager in which case any such overrun will be borne by the General Manager.
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Budget Overruns and Program Changes. The Operating Committee shall promptly notify the Board of any actual or anticipated material departure from an Adopted Program and Budget. The Operating Committee shall not exceed an adopted Budget by more than 10% unless expressly authorized by the approval of the Board. Budget overruns shall be paid out of funds from Operations, if available, and if not available shall, be funded in accordance with section 4.8.
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Budget Overruns and Program Changes. The Operator shall immediately notify the Management Committee of any material departure from an adopted Program and Budget. If the Operator 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 11.8 or unless otherwise authorized by the Management Committee, shall be for the sole account of the Operator and such excess shall not be included in the calculations of the Participating Interests. Budget overruns of 10% or less shall be borne by the Parties in proportion to their respective Participating Interests as of the time the overrun occurs.
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Budget Overruns and Program Changes. If the Operator anticipates that a Budget overrun and/or revenue shortfall of greater than 20% will occur and/or believes that additional expenditures are therefore warranted prior to the end of the Budget Period, the Operator may propose one or more amendments or supplemental Budgets to the Company to address such overrun/shortfall or additional expenditures over the remainder of the then current Budget Period. In the absence of timely approval of any such amendment or supplemental Budget by the Company, the Operator shall take such measures as deemed reasonable (including, but not limited to, changing the cut-off grade, stockpiling low-grade ore, reducing stripping, and/or implementing cost effective measures to increase production) to increase revenues and/or reduce expenditures to the extent reasonably possible for the remainder of the current Budget Period so as to minimize any overrun, but is authorized to make such expenditures as are required to continue Operations at levels of production set forth in the current Approved Program and Budget and to make other expenditures as may be necessary for the protection and preservation of the Assets and compliance with Legal Requirements notwithstanding that such expenditures will cause a Budget overrun. If the Operator exceeds an Approved Program and Budget by more than 20% in the aggregate without an amendment to the Approved Program and Budget being Approved by the Company, then the excess over 20%, unless directly caused by an emergency or unexpected expenditure made pursuant to Section 4.5(c) or unless otherwise Approved by the Company or ratified by the Board of Directors, shall be for the sole account of the Operator. For the avoidance of doubt, provided that the Operator promptly proposes to the Chief Executive Officer amendments to the Approved Programs and Budgets where overruns are being or are expected to be experienced, the Operator shall not itself bear any of the costs of such overruns no matter the cause, gross negligence or wilful misconduct of the Operator excepted.
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Related to Budget Overruns and Program Changes

  • Program Changes Contractor agrees to inform the County of any alteration in program or service delivery at least thirty (30) days prior to the implementation of the change, or as soon as reasonably feasible.

  • Project Changes 1.8.1. All changes shall be administered per the UGC. 1.8.2. Upon authorization by the Owner, the Owner or Architect/Engineer will prepare and issue all changes to the Contract affecting cost, scope and/or time as a formal Change Order to the Contract on the standard University of Texas MD Xxxxxxxx Cancer Center Change Order form. The Change Order may include separate change issues, identified as Change Proposals and field orders. 1.8.3. Upon authorization by the Owner, Change Proposals may be issued to the Architect/Engineer for pricing by the Contractor. Contractor shall submit pricing to the Owner within twenty-one (21) days and pricing shall be indicated on the standard Owner "Change in Work Cost Analysis" ("Cost Analysis") form provided in the Pre-Construction Conference Brochure. Contractor may not include a Change Proposal within a Change Order unless the Owner has accepted the Change Proposal. 1.8.3.1. The Contractor shall summarize all costs for each change at each level of subcontractor and supplier by preparing the "Cost Analysis" form, and shall provide each subcontractor's cost summary on separate "Cost Analysis" forms as backup. Additional support documentation from both the Contractor and Contractor’s subcontractors is encouraged, but such will not replace use of the standard form. 1.8.3.2. When the Contractor believes it is entitled to a time extension, Contractor shall so state as part of Contractor’s response to the Change Proposal, including a justifica- tion for a time extension. Owner may grant time extensions only if a Change Proposal affects the activities on the Longest Path of an Owner approved Work Progress Schedule; i.e., when the Work impacts the "Contract Substantial Completion Date". 1.8.3.3. If the Owner’s Project Manager and Contractor cannot mutually agree upon a fair and reasonable cost and time settlement, the Owner’s Project Manager may: 1) Reject the quotation and void the Change Proposal, 2) Issue instructions to the Contractor to proceed on a time and material basis for a price to be determined later not to exceed a fixed maximum dollar and time, or 3) Issue a Unilateral Change Order. 1.8.3.4. The Owner’s Construction Inspector and/or Owner’s Project Manager may issue field orders directly to the Contractor for minor changes to the Contract, which can be negotiated in the field. Pricing backup is at the discretion of the Owner’s Construction Inspector, but pricing backup is required for any field order, the pricing backup is to be outlined on the "Cost Analysis" form. When the Owner and Contractor have signed the field order, the Work is authorized and the field order may be included in the next Change Order. 1.8.4. Request for payment for Change Order work may be submitted only after the Change Order has been fully executed.

  • Development Budget Attached hereto as Exhibit "B" and incorporated herein by this reference is the Development Budget in an amount equal to $_____________. Owner acknowledges and represents that the attached Development Budget includes the total costs and expenses to acquire, develop, renovate and construct the Real Property and the Apartment Housing.

  • Program Budget A) Contractor will expend funds received for operation of its program and services according to Contractor’s annual operating budget. The portions of said budget, which reflect services performed or money paid to Contractor pursuant to this Agreement shall be subject to the approval of the Human Services Agency. B) In the event Contractor determines a reasonable business necessity to transfer funding between personnel and operating expenses specified in the budget submitted to the Human Services Agency the following will apply: 1. Contractor will notify the Human Services Agency of transfers that in the aggregate are between ten percent (10%) and twenty percent (20%) of the maximum contract amount.

  • Project Budget A Project Budget shall be prepared and maintained by Grantee. The Project Budget shall detail all costs for which the Grant will be used during the Term. The Project Budget must be approved in writing by the Project Monitor. Grantee shall carry out the Project and shall incur costs and make disbursements of funds provided hereunder by the Sponsor only in conformity with the Project Budget. The current approved Project Budget is contained in Attachment “C”. Said Project Budget may be revised from time to time, but no Project Budget or revision thereof shall be effective unless and until the same is approved in writing by Project Monitor. The funds granted under this Grant Contract cannot be used to supplant (replace) other existing funds.

  • Cost Overruns The Borrower shall ensure that all cost-overruns over the estimated construction costs of the Project as certified by a quantity surveyor or the Architect or as ascertained by the Lender as and when they occur shall be funded by the Borrower’s own equity;

  • Budget Consulting Engineer/Architect shall advise City if, in its opinion, the amount budgeted for construction is not sufficient to adequately design and construct the improvement as requested.

  • Project Overview Project Title [Drafting note: ARENA to complete. Insert full long name in accordance with ARENA’s naming convention] i.e. [GMS Number] [Powerworks, voltage control on the Pacific Islands Study] [GMS Number] [study/ project/ fellowship/ scholarship/ R&D Project] Contract Number [Drafting note: ARENA to complete – to be obtained from ARENA’s GMS] Recipient [Drafting note: Recipient to insert full legal name and ABN] Guidelines and policies Advancing Renewables Program – Program Guidelines, 2020 (xxxxx://xxxxx.xxx.xx/xxxxxx/0000/00/XXXXX_XXX_Xxxxxxxxxx_XX_Xxxxxx_Xxxxx_XXXXX.xxx) ARENA Variation Policy (xxxxx://xxxxx.xxx.xx/xxxxxx/0000/00/xxxxx-xxxxxxx-xxxxxxxxx-xxxxxxxxx-xxxxxx.xxx) ARENA Report Writing Guidelines (xxxxx://xxxxx.xxx.xx/xxxxxx/0000/00/xxxxx-xxxxxx-xxxxxxx-xxxxxxxxxx.xxx)

  • Project Cost Overruns In the event that the Recipient determines that the moneys granted pursuant to Section II hereof, together with the Local Subdivision Contribution, are insufficient to pay in full the costs of the Project, the Recipient may make a request for supplemental assistance to its District Committee. The Recipient must demonstrate that such funding is necessary for the completion of the Project and the cost overrun was the result of circumstances beyond the Recipient's control, that it could not have been avoided with the exercise of due care, and that such circumstances could not have been anticipated at the time of the Recipient's initial application. Should the District Committee approve such request the action shall be recorded in the District Committee's official meeting minutes and provided to the OPWC Director for the execution of an amendment to this Agreement.

  • Construction Budget The total amount of funds indicated by the District for the entire Project plus all other costs, including design, construction, administration, and financing.

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