Common use of Underspend Clause in Contracts

Underspend. 12.7 In the event that expenditure (including monies committed to be spent) from any Pooled Fund or any Non Pooled Fund in any Financial Year is less than the aggregate value of the Financial Contributions made for that Financial Year the surplus monies shall be spent, in accordance with Schedule 3. Such arrangements shall be subject to the Law and the Standing Orders and Standing Financial Instructions (or equivalent) of the Partners.

Underspend. 12.7 In the event that expenditure (including monies committed to be spent) from any Pooled Fund or any Non Pooled Fund in any Financial Year is less than the aggregate value of the Financial Contributions made for that Financial Year the Partners shall agree how the surplus monies shall be spent, in accordance with Schedule 3carried forward and/or returned to the Partners. Such arrangements shall be subject to the Law and the Standing Orders and Standing Financial Instructions (or equivalent) of the PartnersPartners and the terms of any Performance Payment Arrangement.

Underspend. 12.7 13.8 In the event that expenditure (including monies committed to be spent) from any Pooled Fund or any Non Pooled Aligned Fund in any Financial Year is less than the aggregate value of the Financial Contributions made for that Financial Year the Partners shall agree how the surplus monies shall be spent, in accordance with Schedule 3carried forward and/or returned to the Partners. Such arrangements shall be subject to the Law and the Standing Orders and Standing Financial Instructions (or equivalent) of the PartnersPartners and in accordance with the principles set out in Schedule 3.

Underspend. 12.7 In the event that expenditure (including monies committed to be spent) from any Pooled Fund or any Non Non-Pooled Fund in any Financial Year is less than the aggregate value of the Financial Contributions made for that Financial Year the surplus monies shall be spent, in accordance with Schedule 3. Such arrangements shall be subject to the Law and the Standing Orders and Standing Financial Instructions (or equivalent) of the Partners.