E mergency or Unexpected Expenditures Sample Clauses
The Emergency or Unexpected Expenditures clause authorizes the allocation of funds or resources to address unforeseen costs that arise during the course of a project or agreement. Typically, this clause outlines the process for identifying, approving, and documenting such expenditures, often setting thresholds for what qualifies as an emergency and who has the authority to approve additional spending. Its core function is to ensure that urgent or unplanned financial needs can be met promptly without breaching the terms of the contract, thereby maintaining project continuity and managing risk associated with unexpected events.
E mergency or Unexpected Expenditures. In case of emergency, the Manager may take any reasonable action it deems necessary to protect life, the environment, or property, to protect the Assets or to comply with Laws. The Manager may make reasonable expenditures on behalf of the Participants for unexpected events that are beyond its reasonable control and that do not result from a breach by it of its standard of care. The Manager shall promptly notify the Participants of the emergency or unexpected expenditure, and the Manager shall be reimbursed for all resulting costs by the Participants in proportion to their respective Participating Interests.