Budget Definition Clause Samples
The Budget Definition clause establishes the specific financial parameters and limitations for a project or agreement. It typically outlines the total amount of funds allocated, details the categories of allowable expenses, and may specify procedures for budget adjustments or approvals. By clearly defining what constitutes the budget, this clause helps prevent misunderstandings about financial commitments and ensures that all parties operate within agreed-upon financial boundaries.
Budget Definition. The production cost for the picture shall consist of all direct and indirect costs actually incurred in connection with the picture. The only costs excluded in determining the production cost for purposes of this Sideletter shall be financing costs (i.e. loan origination fees, gap fees, legal fees and interest), contingency of up to ten percent (10%), essential element insurance costs, the cost of the completion bond, marketing expenses, contingent payments to talent or other parties which are based on the proceeds derived from the exploitation of the picture and received after recoupment of the negative cost, and delivery items required by sales agents, distributors or subdistributors (i.e. delivery materials beyond the answer print or the NTSC Video Master if the picture is delivered on videotape, or the digital equivalent if the picture is delivered in a digital format). For the avoidance of doubt, federal, state, and foreign rebates and tax credits shall not be excluded from the budget in determining the production cost or deducted from the Final Cost Statement.
Budget Definition. The budget for the Picture shall consist of all direct and indirect production costs actually incurred in connection with the Picture (the “Budget”). The only costs excluded in determining the Level of the Picture (i.e., Level 1-4, as defined herein), for purposes of this Sideletter shall be financing costs (e.g., bank fees, gap fees, legal fees and interest); contingency of up to ten percent (10%); essential element insurance costs; the cost of the completion bond; marketing expenses; contingent payments to talent or other parties that are based on the proceeds derived from the exploitation of the Picture and received after recoupment of the negative cost; and delivery items required by sales agents, distributors, or subdistributors (e.g., delivery materials beyond the answer print or the NTSC Video Master if the Picture is delivered on videotape, or the digital equivalent if the picture is delivered in a digital format). Federal, state, and foreign rebates and tax credits shall not be excluded from the Budget. DGA shall review the Budget, taking into consideration any and all proposed cost exclusions, and shall approve such Budget for level determination, as defined herein.
Budget Definition. Detailed budget finalized, based on negotiations with the partners, ensuring an adequate resources distribution within the consortium.