Budget Deficit Reconciliation Clause Samples
The Budget Deficit Reconciliation clause establishes procedures for addressing and correcting any shortfall between projected and actual budget figures within an agreement or project. Typically, this clause outlines the steps parties must take if expenses exceed the allocated budget, such as requiring additional approvals, reallocating funds, or implementing cost-saving measures. Its core function is to ensure financial accountability and provide a clear mechanism for managing budget overruns, thereby minimizing disputes and maintaining fiscal discipline.
Budget Deficit Reconciliation. In the event of a Budget Deficit, Medical Group shall not be responsible for making any payments under the PacifiCare POS Control Program. However, *** of the Budget Deficit amount shall be considered a Medical Group obligation for purposes of offsetting surpluses under other incentive programs under the Agreement.
Budget Deficit Reconciliation. In the event of a Budget Deficit, neither Medical Group nor Hospital shall be responsible for making any payments under the PacifiCare POS Control Program. However, [ ** ] of the Budget Deficit amount shall be considered a Medical Group obligation for purposes of offsetting surpluses under other incentive programs under the Agreement.