Common use of EXPENDITURES BY CONTRACTOR Clause in Contracts

EXPENDITURES BY CONTRACTOR. A. CONTRACTOR will advise COMMISSION and obtain written approval on ALL budget modifications PRIOR to incurring any costs. B. All CONTRACTOR expenditures shall be in accordance with the approved line item budget captions. However, CONTRACTOR may modify a portion of CONTRACTOR’S approved budget, if such budget line item is as follows and the COMMISSION has been advised in advance prior to the costs being incurred: i. If the original line item is $5,000 or less dollars, CONTRACTOR can incur expenses pursuant to an informal modification, and shall submit a memorandum to COMMISSION explaining the modification along with the monthly invoice required by Section XIX. ii. If the original line item is greater than $5,000 dollars and the change is less than or equal to 10% of the original line item, CONTRACTOR can incur expenses pursuant to an informal modification, and shall submit a memorandum to COMMISSION explaining the modification along with the monthly invoice required by Section XIX. iii. If the original line item is greater than $5,000 dollars and the modification is greater than 10% of the line item, CONTRACTOR must obtain COMMISSION’S prior written approval through the COMMISSION’S formal budget modification procedure before incurring expenses pursuant to the modification. C. Formal budget modifications must be addressed and sent to the assigned Commission staff with the appropriate “Formal Budget Modification Summary” forms on or before the 1st of the month prior to the month in which the actual expenses will be incurred. Only one (1) formal budget modification can be approved during the term of the Agreement. Requests for formal budget modifications will not be accepted during the first two

Appears in 4 contracts

Samples: Contractor Contract, Contractor Agreement, Contractor Contract

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EXPENDITURES BY CONTRACTOR. A. CONTRACTOR will advise COMMISSION and obtain written approval on ALL budget modifications PRIOR to incurring any costs. B. All CONTRACTOR expenditures shall be in accordance with the approved line item budget captionsbudget. However, CONTRACTOR may modify a portion of CONTRACTOR’S approved budget, if such budget cost category/line item is as follows and the COMMISSION has been advised in advance prior to the costs being incurred: i. If the original cost category/line item is $5,000 or less dollars, CONTRACTOR can incur expenses pursuant to an informal modification, and shall submit a memorandum to COMMISSION explaining the modification along with the monthly invoice required by Section XIX. ii. If the original cost category/line item is greater than $5,000 dollars and the change is less than or equal to 10% of the original cost category/line item, CONTRACTOR can incur expenses pursuant to an informal modification, and shall submit a memorandum to COMMISSION explaining the modification along with the monthly invoice required by Section XIX. Up to 10% can be moved from a cost category/line item into any other cost category/line item through an informal modification. iii. If the original cost category/line item is greater than $5,000 dollars and the modification is greater than 10% of the cost category/line item, CONTRACTOR must obtain COMMISSION’S prior written approval through the COMMISSION’S formal budget modification procedure before incurring expenses pursuant to the modification. C. Formal budget modifications must be addressed and sent to the assigned Commission staff with the appropriate “Formal Budget Modification Summary” forms on or before the 1st of the month prior to the month in which the actual expenses will be incurred. Only one (1) formal budget modification can be approved during the term of the Agreement. Requests for formal budget modifications will not be accepted during the first two

Appears in 1 contract

Samples: Contractor Agreement

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