Common use of Preparation of annual management budget Clause in Contracts

Preparation of annual management budget. (a) Subject to Clauses 5.1(c), 5.1(e) and 5.1(f) below, the total amount of Management Expenses payable by the Owners during any period of twelve (12) months adopted by the Manager as the financial year in respect of the management of the Land and the Building shall be the total estimated Management Expenses during that year as specified by the Manager in accordance with Clause 5.1(b) below. (b) In respect of each financial year, the Manager shall:- (i) prepare a draft annual management budget setting out the estimated Management Expenses of the Land and the Building during the financial year PROVIDED THAT the first draft annual management budget shall be prepared by the Manager as soon as practicable after his appointment and shall cover the period from the date hereof until the 31st day of December of the same year and all subsequent draft annual management budgets shall be prepared by the Manager at least one (1) month prior to the commencement of the financial year and such subsequent draft annual management budgets (other than the first draft annual management budget) shall be prepared in consultation with the Owners’ Committee (if any); (ii) send a copy of the draft annual management budget to the Owners’ Committee or, where there is no Owners’ Committee, display a copy of the draft annual management budget in a prominent place in the Building and cause it to remain so displayed for at least 7 consecutive days; (iii) send or display, as the case may be, with the copy of the draft annual management budget a notice inviting each Owner to send his comments on the draft annual management budget to the Manager within a period of fourteen (14) days from the date the draft annual management budget was sent or first displayed; (iv) after the end of the period as set out in Clause 5.1(b)(iii) above, the Manager may alter (but shall not be obliged to do so) the draft annual management budget based on the suggestions made by the Owners’ Committee or the Owners and prepare a revised annual management budget specifying the total estimated Management Expenses during the financial year; (v) send a copy of the revised annual management budget to the Owners’ Committee or, where there is no Owners’ Committee, display a copy of the annual management budget in a prominent place in the Building and cause it to remain so displayed for at least 7 consecutive days. (c) Where, in respect of a financial year, the Manager has not complied with Clause 5.1(b) above before the commencement of that financial year, the total amount of the Management Expenses for that year shall:- (i) until the Manager has so complied, be deemed to be the same as the total amount of Management Expenses (if any) for the previous financial year; (ii) when the Manager has so complied, be the total estimated Management Expenses specified in the annual management budget for that financial year, and the amount that the Owners shall contribute towards the Management Expenses shall be calculated and adjusted accordingly. (d) Where an annual management budget has been sent or displayed in accordance with Clause 5.1(b)(v) above and the Manager wishes to revise it, it shall follow the same procedures in respect of the revised annual management budget as apply to the draft annual management budget and annual management budget by virtue of Clause 5.1(b) above. (e) Where a revised annual management budget is sent or displayed in accordance with Clause 5.1(d) above, the total amount of the Management Expenses for that financial year shall be the total Management Expenses or estimated Management Expenses specified in the revised annual management budget and the amount that Owners shall contribute towards the Management Expenses shall be calculated and adjusted accordingly. (f) If there is an Owners’ Corporation and, within a period of one (1) month from the date that an annual management budget or revised annual management budget for a financial year is sent or first displayed in accordance with Clauses 5.1(b) or 5.1(d) above, the Owners’ Corporation decides, by a resolution of the Owners, to reject the annual management budget or revised annual management budget, as the case may be, the total amount of Management Expenses for the financial year shall, until another annual management budget or revised annual management budget is sent or displayed in accordance with Clauses 5.1(b) or 5.1(d) above and is not so rejected under this Clause 5.1(f), be deemed to be the same as the total amount of Management Expenses (if any) for the previous financial year, together with an amount not exceeding ten per cent (10%) of that total amount as the Manager may determine. (g) If any Owner requests in writing the Manager to supply him with a copy of any draft annual management budget, annual management budget or revised annual management budget, the Manager shall, on payment of a reasonable copying charge, supply a copy to that person.

Preparation of annual management budget. (a) Subject to Clauses 5.1(c), 5.1(e) and 5.1(f) below, the total amount of Management Expenses payable by the Owners during any period of twelve (12) months adopted by the Manager as the financial year in respect of the management of the Land and the Building Development shall be the total estimated Management Expenses during that year as specified by the Manager in accordance with Clause 5.1(b) below. (b) In respect of each financial year, the Manager shall:-shall :- (i) prepare a draft annual management budget setting out the estimated Management Expenses of the Land and the Building Development during the financial year PROVIDED THAT the first draft annual management budget shall be prepared by the Manager as soon as reasonably practicable after his appointment and shall cover the period from the date hereof until the 31st day of December of the same year and all subsequent draft annual management budgets shall be prepared by the Manager at least one (1) month prior to the commencement of the financial year and such subsequent draft annual management budgets (other than the first draft annual management budget) shall be prepared in consultation with the Owners’ ' Committee (if any); (ii) send a copy of the draft annual management budget to the Owners’ ' Committee or, where there is no Owners’ ' Committee, display a copy of the draft annual management budget in a prominent place in the Building Development and cause it to remain so displayed for at least 7 consecutive days; (iii) send or display, as the case may be, with the copy of the draft annual management budget a notice inviting each Owner to send his comments on the draft annual management budget to the Manager within a period of fourteen (14) days from the date the draft annual management budget was sent or first displayed; (iv) after the end of the period as set out in Clause 5.1(b)(iii) above, the Manager may alter (but shall not be obliged to do so) the draft annual management budget based on the suggestions made by the Owners’ ' Committee or the Owners and prepare a revised an annual management budget specifying the total estimated Management Expenses during the financial year; (v) send a copy of the revised annual management budget to the Owners’ ' Committee or, where there is no Owners’ ' Committee, display a copy of the annual management budget in a prominent place in the Building Development and cause it to remain so displayed for at least 7 consecutive days. (c) Where, in respect of a financial year, the Manager has not complied with Clause 5.1(b) above before the commencement of that financial year, the total amount of the Management Expenses for that year shall:-shall :- (i) until the Manager has so complied, be deemed to be the same as the total amount of Management Expenses (if any) for the previous financial year; (ii) when the Manager has so complied, be the total estimated Management Expenses specified in the annual management budget for that financial year, and the amount that the Owners shall contribute towards the Management Expenses shall be calculated and adjusted accordingly. (d) Where an annual management budget has been sent or displayed in accordance with Clause 5.1(b)(v) above and the Manager wishes to revise it, it shall follow the same procedures in respect of the revised annual management budget as apply to the draft annual management budget and annual management budget by virtue of Clause 5.1(b) above. (e) Where a revised annual management budget is sent or displayed in accordance with Clause 5.1(d) above, the total amount of the Management Expenses for that financial year shall be the total Management Expenses or estimated Management Expenses specified in the revised annual management budget and the amount that Owners shall contribute towards the Management Expenses shall be calculated and adjusted accordingly. (f) If there is an Owners’ ' Corporation and, within a period of one (1) month from the date that an annual management budget or revised annual management budget for a financial year is sent or first displayed in accordance with Clauses Clause 5.1(b) or 5.1(d) above, the Owners’ ' Corporation decides, by a resolution of the Owners, to reject the annual management budget or revised annual management budget, as the case may be, the total amount of Management Expenses for the financial year shall, until another annual management budget or revised annual management budget is sent or displayed in accordance with Clauses Clause 5.1(b) or 5.1(d) above and is not so rejected under this Clause 5.1(f), be deemed to be the same as the total amount of Management Expenses (if any) for the previous financial year, together with an amount not exceeding ten per cent (10%) of that total amount as the Manager may determine. (g) If any Owner requests in writing the Manager to supply him with a copy of any draft annual management budget, annual management budget or revised annual management budget, the Manager shall, on payment of a reasonable copying charge, supply a copy to that person.

Preparation of annual management budget. (a) Subject to Clauses 5.1(c), 5.1(e) and 5.1(f) below, the total amount of Management Expenses payable by the Owners during any period of twelve (12) months adopted by the Manager as the financial year in respect of the management of the Land and the Building Development shall be the total estimated Management Expenses during that year as specified by the Manager in accordance with Clause 5.1(b) below. (b) In respect of each financial year, the Manager shall:- (i) prepare a draft annual management budget setting out the estimated Management Expenses of the Land and the Building during the financial year PROVIDED THAT the first draft annual management budget shall be prepared by the Manager as soon as practicable after his appointment and shall cover the period from the date hereof until the 31st day of December of the same year and all subsequent draft annual management budgets shall be prepared by the Manager at least one (1) month prior to the commencement of the financial year and such subsequent draft annual management budgets (other than the first draft annual management budget) shall be prepared in consultation with the Owners’ Committee (if any)year; (ii) send a copy of the draft annual management budget to the Owners’ Committee or, where there is no Owners’ Committee, display a copy of the draft annual management budget in a prominent place in the Building Development and cause it to remain so displayed for at least 7 consecutive days; (iii) send or display, as the case may be, with the copy of the draft annual management budget a notice inviting each Owner to send his comments on the draft annual management budget to the Manager within a period of fourteen (14) days from the date the draft annual management budget was sent or first displayed; (iv) after the end of the period as set out in Clause 5.1(b)(iii) above, the Manager may alter (but shall not be obliged to do so) the draft annual management budget based on the suggestions made by the Owners’ Committee or the Owners and prepare a revised an annual management budget specifying the total estimated Management Expenses during the financial year; (v) send a copy of the revised annual management budget to the Owners’ Committee or, where there is no Owners’ Committee, display a copy of the annual management budget in a prominent place in the Building Development and cause it to remain so displayed for at least 7 consecutive days. (c) Where, in respect of a financial year, the Manager has not complied with Clause 5.1(b) above before the commencement start of that financial year, the total amount of the Management Expenses for that year shall:- (i) until the Manager has so complied, be deemed to be the same as the total amount of Management Expenses (if any) for the previous financial year; (ii) when the Manager has so complied, be the total estimated Management Expenses specified in the annual management budget for that financial year, and the amount that the Owners shall contribute towards the Management Expenses shall be calculated and adjusted accordingly. (d) Where an annual management budget has been sent or displayed in accordance with Clause 5.1(b)(v) above and the Manager wishes to revise it, it shall follow the same procedures in respect of the revised annual management budget as apply to the draft annual management budget and annual management budget by virtue of Clause 5.1(b) above. (e) Where a revised annual management budget is sent or displayed in accordance with Clause 5.1(d) above, the total amount of the Management Expenses for that financial year shall be the total Management Expenses or estimated Management Expenses specified in the revised annual management budget and the amount that Owners shall contribute towards the Management Expenses shall be calculated and adjusted accordingly. (f) If there is an Owners’ Corporation and, within a period of one (1) month from the date that an annual management budget or a revised annual management budget for a financial year is sent or first displayed in accordance with Clauses Clause 5.1(b) or 5.1(d) above, the Owners’ Corporation decides, by a resolution of the Owners, to reject the annual management budget or revised annual management budget, as the case may be, the total amount of Management Expenses for the financial year shall, until another annual management budget or revised annual management budget is sent or displayed in accordance with Clauses Clause 5.1(b) or 5.1(d) above and is not so rejected under this Clause 5.1(f), be deemed to be the same as the total amount of Management Expenses (if any) for the previous financial year, together with an amount not exceeding ten per cent (10%) of that total amount as the Manager may determine. (g) If any Owner requests in writing the Manager to supply him with a copy of any draft annual management budget, annual management budget or revised annual management budget, the Manager shall, on payment of a reasonable copying charge, supply a copy to that person.

Preparation of annual management budget. (a) Subject to Clauses 5.1(c), 5.1(e) and 5.1(f) below, the total amount of Management Expenses payable by the Owners during any period of twelve (12) months adopted by the Manager as the financial year in respect of the management of the Land and the Building shall be the total estimated Management Expenses during that year as specified by the Manager in accordance with Clause 5.1(b) below. (b) In respect of each financial year, the Manager shall:-shall :- (i) prepare a draft annual management budget setting out the estimated Management Expenses of the Land and the Building during the financial year PROVIDED THAT the first draft annual management budget shall be prepared by the Manager as soon as practicable after his appointment and shall cover the period from the date hereof until [the 31st day of December December] of the same year and all subsequent draft annual management budgets shall be prepared by the Manager at least one (1) month prior to the commencement of the financial year and such subsequent draft annual management budgets (other than the first draft annual management budget) shall be prepared in consultation with the Owners’ ' Committee (if any); (ii) send a copy of the draft annual management budget to the Owners’ ' Committee or, where there is no Owners’ ' Committee, display a copy of the draft annual management budget in a prominent place in the Building and cause it to remain so displayed for at least 7 seven (7) consecutive days; (iii) send or display, as the case may be, with the copy of the draft annual management budget a notice inviting each Owner to send his comments on the draft annual management budget to the Manager within a period of fourteen (14) days from the date the draft annual management budget was sent or first displayed; (iv) after the end of the period as set out in Clause 5.1(b)(iii) above, the Manager may alter (but shall not be obliged to do so) the draft annual management budget based on the suggestions made by the Owners’ ' Committee or the Owners and prepare a revised annual management budget specifying the total estimated Management Expenses during the financial year; (v) send a copy of the revised annual management budget to the Owners’ ' Committee or, where there is no Owners’ ' Committee, display a copy of the annual management budget in a prominent place in the Building and cause it to remain so displayed for at least 7 seven (7) consecutive days. (c) Where, in respect of a financial year, the Manager has not complied with Clause 5.1(b) above before the commencement of that financial year, the total amount of the Management Expenses for that year shall:-shall :- (i) until the Manager has so complied, be deemed to be the same as the total amount of Management Expenses (if any) for the previous financial year; (ii) when the Manager has so complied, be the total estimated Management Expenses specified in the annual management budget for that financial year, and the amount that the Owners shall contribute towards the Management Expenses shall be calculated and adjusted accordingly. (d) Where an annual management budget has been sent or displayed in accordance with Clause 5.1(b)(v) above and the Manager wishes to revise it, it shall follow the same procedures in respect of the revised annual management budget as apply to the draft annual management budget and annual management budget by virtue of Clause 5.1(b) above. (e) Where a revised annual management budget is sent or displayed in accordance with Clause 5.1(d) above, the total amount of the Management Expenses for that financial year shall be the total Management Expenses or estimated Management Expenses specified in the revised annual management budget and the amount that Owners shall contribute towards the Management Expenses shall be calculated and adjusted accordingly. (f) If there is an Owners’ ' Corporation and, within a period of one (1) month from the date that an annual management budget or revised annual management budget for a financial year is sent or first displayed in accordance with Clauses 5.1(b) or 5.1(d) above, the Owners’ ' Corporation decides, by a resolution of the Owners, to reject the annual management budget or revised annual management budget, as the case may be, the total amount of Management Expenses for the financial year shall, until another annual management budget or revised annual management budget is sent or displayed in accordance with Clauses 5.1(b) or 5.1(d) above and is not so rejected under this Clause 5.1(f), be deemed to be the same as the total amount of Management Expenses (if any) for the previous financial year, together with an amount not exceeding ten per cent (10%) of that total amount as the Manager may determine. (g) If any Owner requests in writing the Manager to supply him with a copy of any draft annual management budget, annual management budget or revised annual management budget, the Manager shall, on payment of a reasonable copying chargecharge to cover the cost of copying the same, supply a copy to that person.