Budget Overruns. With respect to any Development Costs which, pursuant to this Agreement and/or a Global Development Plan or an approved Development Collaboration Proposal, are meant to be allocated between the Parties (rather than one Party being solely responsible for such Development Costs), each Party shall promptly inform the other Party upon determining that it is likely to exceed the budget amounts set forth in the annual Development Budget for the activities such Party is responsible for under the applicable Global Development Plan. To the extent that a Party (or its Affiliates or Sublicensees) incurs Development Costs for the activities such Party is responsible for under a Global Development Plan for a particular Calendar Year which on an aggregate basis for that year exceed the Development Costs allocated for such activity in the initial Development Budget for that Global Development Plan that includes such activity (the “Initial Development Budget”) by *** or less (a “De Minimis Overage Amount”), then such De Minimis Overage Amount shall automatically be included in such Development Budget for such year. However, to the extent that a Party (or its Affiliates or Sublicensees) incurs Development Costs for the activities such Party is responsible for under a Development Plan for a particular Calendar Year which on an aggregate basis for that year exceed the Development Costs allocated for such activity in the Initial Development Budget by more than ***, the “Excess Overage Amount”), the Party that has so exceeded its budget shall provide to the JRDC a full explanation for so exceeding its budget and such Excess Overage Amount shall only be included in such Development Budget to the extent that the JRDC agrees to allow some or all of the Excess Overage Amount to be included in such Development Budget as it considers equitable under the circumstances. To the extent that the JRDC does not agree to treat the Excess Overage Amount as Development Costs, the Party that has exceeded its budget shall be solely responsible for the Excess Overage Amount.
Budget Overruns. Costs and expenses exceeding the Stage One Budget shall be shared equally by the Parties, except that Corium shall bear full and sole responsibility for the cumulative costs and expenses that exceed [*] of the Stage One Budget. Costs and expenses exceeding the Stage Two Budget and Stage Three Budget, respectively, shall be borne solely by Abrika, except that Corium shall bear full and sole responsibility for the cumulative costs and expenses that exceed [*] of the Stage Two Budget and Stage Three Budget, respectively.
Budget Overruns. Overruns of fifteen percent (15%) or more of the amount provided for in any approved Budget shall require Board approval in accordance with Clause 17.6.13 (Board Decisions). Without prejudice to the foregoing, the Operator shall immediately notify the Technical Committee of any anticipated material departure from, or proposed changes to, the then applicable approved Budget and overruns of five percent (5%) or more of the amount provided for in an approved Budget shall be added to the agenda for discussion at the next meeting of the Board.
Budget Overruns. If, notwithstanding the Parties’ discussions regarding amendment of Joint Exploratory Development to “balance” the JEDP Budget Cap or increase the JEDP Budget Cap as outlined in Section 4.3(f)(i), the activities set forth in the Joint Exploratory Development Plan cannot be undertaken without incurring Development Costs in excess of the then-applicable JEDP Budget Cap, and either Party decides not to co-fund activities in excess of the JEDP Budget Cap in accordance with Section 4.3(f)(ii), then the Specific terms in this Exhibit have been redacted because such terms are both not material and are of the type that the Company treats as private or confidential. These redacted terms have been marked in this Exhibit with three asterisks [***]. other Party shall have the right to conduct the remainder of such Exploratory Development Activities set forth under such Joint Exploratory Development Plan as Unilateral Exploratory Development in accordance with Section 4.4 (in which event the Joint Exploratory Development Plan thereafter shall be deemed a Unilateral Exploratory Development Plan) and solely fund such activities (and the non-funding Party would have the right to participate in the joint funding and Development of any Product Candidates arising therefrom in accordance with Article 5).
Budget Overruns. Program Changes. The Manager shall immediately notify the Management Committee of any material departure from an adopted Program and Budget. If the Manager exceeds an adopted Budget by more than ten percent (10%), then such excess over ten percent (10%), shall be for the sole account of the Manager, not creditable to the calculation of Participating Interests, unless such excess amount is directly caused by an emergency or unexpected expenditure made pursuant to Section 9.8 or is otherwise authorized by the approval of the Management Committee. Budget overruns of ten percent (10%) or less shall be borne by the Participants in proportion to their respective Participating Interests as of the time the overrun occurs.
Budget Overruns. 8.4.1 The Minister in charge of Hydrocarbons and the Contractor acknowledge that the technical results obtained as work progresses or certain unforeseen situational changes which may occur may justify modifications to an approved Annual Work Programme and corresponding Budget. As necessary, the Contractor shall inform the Minister in charge of Hydrocarbons of the planned modifications as soon as possible. These modifications shall be submitted for the review and approval of the Minister within sixty (60) days following receipt of such notification. If the Minister in charge of Hydrocarbons neither approves or rejects these planned modifications within this sixty (60)-day period, this failure to act shall be understood as approval of the aforesaid modifications.
Budget Overruns. With respect to any year during the Term, Owner shall have the right to direct Operator to limit the Costs of Capital Improvements for the Plant so as not to exceed five percent (5%) above the total budgeted amount in the Annual Budget for that year. Operator shall use commercially reasonable efforts to do so (i) subject to Section 2.3 and (ii) consistent with Plant safety and the timing of such direction from Owner, in a manner that has the least effect on the Net Positive Output of the Plant.
Budget Overruns. During each year of the term hereof, any overruns or anticipated overruns in the Development Budget which in the aggregate for such year: (i) are less than or equal to ten percent (10%), they shall be shared equally by Alliance and Xxxxxx, (ii) exceed ten percent (10%), they must be approved by the JDC and are subject to further approval by the Management Board, prior to being paid by either Alliance or Xxxxxx; or (iii) exceed ten percent (10%) and are not approved by the JDC or the Management Board, they shall be paid by the Party who is responsible for the overrun.
Budget Overruns. Except as provided in Section 5.9, CCSA as Operator, must obtain the prior written consent of Eldorado prior to incurring Expenditure in excess of 10% greater than the projected Expenditure specified in the Approved Budget. Operator does not guarantee that Expenditures contained in a Budget will achieve the planned objectives or complete all planned objectives or complete all planned activities. Operator shall curtail further activities without liability or obligation (other than the obligation of general competence and compliance herewith) when the Expenditures have reached 110% of the Budget.
Budget Overruns. Any costs for a given budget that are incurred by a Party that are [ * ] greater than the JDC-approved budget shall require approval of the JDC for payment. The Parties shall bear the cost of any such overrun equally; provided, however, that if the reason for the costs exceeding the JDC-approved budget by more than [ * ] is attributable to [ * ], then the costs incurred that are more than [ * ] greater than the JDC-approved budget for such item shall be [ * ].
