Common use of Virements Clause in Contracts

Virements. A virement is a planned reallocation of resources between approved budgets, these provide a degree of flexibility within the overall policy framework determined by the Grant Agreement and the budget approved by the Strategic Oversight Board and therefore to provide the opportunity to optimise the use of resources for emerging needs of the project. Virements between work-streams and between the expenditure types as set out in the Annual Budget Report will be approved by the SRO up to a value of £100,000 within the MS Programme Board. If the SRO is not in attendance at the Board all virements will be subject to separate approval by the SRO. This delegated approval excludes any contentious items which will be referred both to the Home Office and to the Strategic Oversight Board, the SRO will be responsible for deciding if an item in contentious.

Virements. 5.4 A virement is a planned reallocation of resources between approved budgets, these provide a degree of flexibility within the overall policy framework determined by the Grant Agreement and the budget approved by the Strategic Oversight Board and therefore to provide the opportunity to optimise the use of resources for emerging needs of the project. Virements between work-streams and between the expenditure types as set out in the Annual Budget Report will be approved by the SRO up to a value of £100,000 within the MS Programme Board. If the SRO is not in attendance at the Board all virements will be subject to separate approval by the SRO. This delegated approval excludes any contentious items which will be referred both to the Home Office and to the Strategic Oversight Board, the SRO will be responsible for deciding if an item in contentious.