Common use of Financial Rules, Expenditure Clause in Contracts

Financial Rules, Expenditure. The Executive Committee, acting by unanimous vote, may make such regulations as are required for the sound financial management of the activities under this Agreement including, where necessary, establishment of: (a) budgetary and procurement procedures to be used by the Operating Agent in making payments from a Common Fund which may be maintained by Participants for the account of an Annex or in making contracts on behalf of the Participants; and (b) minimum levels of expenditure for which Executive Committee approval shall be required, including expenditure involving payment of monies to the Operating Agent for other than routine salary and administrative expenses previously approved by the Executive Committee in the budget process.

Financial Rules, Expenditure. The Executive Committee, acting by unanimous vote, Committee may make such regulations as are required for the sound financial management of the activities under this Agreement each Task including, where necessary, establishment of: (a1) Establishment of budgetary and procurement procedures to be used by the Operating Agent in making payments from a Common Fund any common funds which may be maintained by Participants for the account of an Annex the Task or in making contracts on behalf of the Participants; and; (b2) Establishment of minimum levels of expenditure for which Executive Committee approval shall be required, including expenditure involving payment of monies to the Operating Agent for other than routine salary and administrative expenses previously approved by the Executive Committee in the budget process.