Common use of Initial Budget Clause in Contracts

Initial Budget. Before the Firm begins handling a new legal matter for the City, it shall provide to the City Attorney an initial budget which shall include, at a minimum, a list of each specific legal service the Firm shall perform for the City, and include a. An estimate of all fees, expenses, and costs for the service to be performed by the Firm; and b. An estimate of the amount of time the Firm expects to take to perform each legal service. The Firm shall update its budget every six months or more frequently when requested by the City Attorney. The Firm shall provide a copy of each revised budget to the City Attorney, and shall point out and explain each material modification or change from previous budgets. If it becomes apparent to the Firm that it will exceed its budget, the Firm shall notify the City Attorney in writing, explaining the reason(s) why the Firm expects to or has overrun its budget.