Budgets and Management of Funds. (a) The Managers shall prepare a budget. The budget shall also provide aggregate forecast expenditure by the Managers for those cost items to be reimbursed by Owners as detailed in Clause 12(c). The Managers’ initial budget is set out In Annex “C” hereto. Subsequent budgets shall be for twelve month periods and shall be prepared by the Managers and presented to the Owners not less than one month before the end of the budget year.
Appears in 4 contracts
Samples: Form of Supervision Agreement (Global Ship Lease, Inc.), Global Ship Lease, Inc., Global Ship Lease, Inc.
