Initial Expenditures Clause Samples
The Initial Expenditures clause defines the costs or payments that must be made at the outset of an agreement or project. Typically, this clause outlines which party is responsible for covering upfront expenses such as deposits, setup fees, or initial purchases necessary to commence work. By clearly allocating responsibility for these early costs, the clause helps prevent disputes and ensures that both parties understand their financial obligations from the beginning of the relationship.
Initial Expenditures. Upon the formation of the Joint Venture, each of the Optionee and the Optionor will have initial actual and deemed Expenditures as follows:
(a) Optionee: Cumulative Expenditures to the date of acquisition of Initial Interest ("Optionee's amount); and
(b) Optionor: Optionee's amount divided by the Initial Interest times the Optionor's initial participating interest under the Joint Venture Agreement.
Initial Expenditures. The parties intend that each Member's initial capital of $100.00 specified in Section 4.1 hereof shall be expended, subject to the control and approval of the Board of Managers, in furtherance of the following purposes of the Company:
(a) Preliminary Bid Preparation. Formulating a preliminary bid for the acquisition of American Technologies Group, Inc.'s ("ATG's") Hanford, Washington and Oak Ridge, Tennessee, waste treatment and disposal facilities within the Covered Applications of this Agreement. The preliminary bid shall include, but not be limited to, estimates, schedules and financing for an acquisition within the Covered Applications of this Agreement.