Common use of Budgets and Accounts Clause in Contracts

Budgets and Accounts. (a) The Manager shall present to the Members before the end of December each year an operating budget for the next calendar year. Such budget shall be in such form as the Members think practicable but will be divided into monthly sections and these monthly sections will be further divided by the number of Member Vessels expected to be operating under this Agreement in the relevant month and by voyage by voyage estimates in respect of each Agreement Vessel. (b) Within fifteen (15) days after the end of each calendar month, the Manager shall present to the Members a provisional statement of the Agreement Revenue, Agreement Expenses and Net Agreement Result accumulated from the beginning of the relevant year up to the end of that month. The Manager will at the same time also present to the Members a cash flow forecast covering a six (6) week period showing the amounts required by the Manager to be retained to cover all Agreement Expenses payable during that period, as well as a contingency amount to cover any unforeseen Agreement Expenses.

Budgets and Accounts. (a) The Manager shall present to the Members before the end of December each year an operating budget for the next calendar year. Such budget shall be in such form as the Members think practicable but will be divided into monthly sections and these monthly sections will be further divided by the number of Member Vessels expected to be operating under this Agreement in the relevant month and by voyage by voyage estimates in respect of each Agreement Vessel., (b) Within fifteen (15) days after the end of each calendar month., the Manager shall present to the Members a provisional statement of the Agreement Revenue, Agreement Expenses and Net Agreement Result accumulated from the beginning of the relevant year up to the end of that month. , The Manager will at the same time also present to the Members a cash flow forecast covering a six (6) week period showing the amounts required by the Manager to be retained to cover all Agreement Expenses payable during that period, as well as a contingency amount to cover any unforeseen Agreement Expenses.