Common use of Budget Overruns; Program Changes Clause in Contracts

Budget Overruns; Program Changes. The Manager shall immediately notify the Management Committee of any material departure from an adopted Program and Budget. The Manager may not exceed an approved Program and Budget by more than 15% without the approval of the Management Committee. If the Manager does exceed an approved Program and Budget by more than 15% without the approval of the Management Committee, the Manager shall be solely responsible for the costs associated with exceeding the approved Program and Budget by more than 15%.

Budget Overruns; Program Changes. The Manager shall immediately notify the Management Committee of any material departure from an adopted Program and Budget. The If, after completion of the Development of the Principal Project and the commencement of Commercial Production from such Principal Project the Manager may not exceed exceeds the total of an approved Program and adopted Budget by more than 15% without twenty percent (20%), then the approval of the Management Committee. If the Manager does exceed an approved Program and Budget by more than 15% without the approval of the Management Committeeexcess over twenty percent (20%), the Manager shall be solely responsible for the costs associated with exceeding the approved Program and Budget by more than 15%.unless:

Budget Overruns; Program Changes. The Manager shall immediately notify the Management Committee of any material departure from an adopted Program and Budget. The If the Manager may not exceed exceeds an approved Program and adopted Budget (including any contingency line item therein) by more than 15% without five percent (5%) in the approval aggregate, then any such excess must be authorized or ratified by the unanimous consent of the Management Committee. If the Manager does exceed an Budget overruns below such threshold or otherwise approved Program and Budget or ratified by more than 15% without the approval of the Management Committee, the Manager Committee shall be solely responsible for borne by the costs associated parties in accordance with exceeding their respective Ownership Interests or as the approved Program and Budget by more than 15%parties otherwise agree.

Budget Overruns; Program Changes. The Manager shall immediately notify the Management Committee of any material departure from an adopted Program and Budget. The If the Manager may not exceed exceeds Budget, then the excess, to a maximum of 25% of the Budget amount, shall be for the account of the Participants in proportion to their respective Participating Interests (unless the overrun is due to the gross negligence or wilful default of the Manager, in which case the overrun is for the sole account of the Manager) and any amount in excess of 25% of the Budget shall be for the sole account of the Manager. Noting in this Agreement shall prevent the Manager from submitting an approved amended Program and Budget by more than 15% without the approval of to the Management Committee. If the Manager does exceed an approved Program and Budget by more than 15% without the approval of the Management Committee, the Manager shall be solely responsible Committee for the costs associated with exceeding the approved Program and Budget by more than 15%approval.