Budget Overruns; Program Changes. The Manager shall immediately notify the Owner of any departure from an Annual Budget and Work Plan of an amount equal to 15% or more of the original budgeted amount of such Annual Budget and Work Plan. The Manager may not exceed an approved Annual Budget and Work Plan by more than 15% without the approval of the Owner.
Appears in 2 contracts
Sources: Management Agreement (Alderon Iron Ore Corp.), Subscription Agreement (Alderon Iron Ore Corp.)