Common use of Underspends Clause in Contracts

Underspends. Where an underspend in an element of the operational budget, with the exception of ring fenced budgets, arises from specific management action, this will be retained by the Integration Joint Board to either fund additional capacity in-year in line with its Strategic Plan or be carried forward to fund capacity in subsequent years of the Strategic Plan subject to the terms of the Integration Joint Board's Reserves Strategy. Where any windfall underspend occurs, with the agreement of the Integration Joint Board and the Parties on an individual basis, this will be returned to the Parties in the same proportion as individual Parties’ contribution to investment in that area.