Common use of Cost Overruns Clause in Contracts

Cost Overruns. (i) Each Party shall promptly inform the other Party if such Party determines that it is likely to overspend or underspend by more than [***] percent ([***]%) its respective aggregate budgeted costs and expenses under the Joint Exploratory Development Plan or any Joint Plan for Development activities conducted thereunder and shall provide the other Party with a reasonably detailed explanation for such anticipated overspend or underspend. If the Parties agree, the budget set forth in the Joint Exploratory Development Plan or any Joint Plan for Development activities may be amended to address such overspend or underspend.

Cost Overruns. (i) Each Party shall promptly inform the other Party if upon such Party determines determining that it is likely to overspend or underspend by more than [***] ten percent ([***]10%) its respective aggregate budgeted costs and expenses under for Initial Development Activities or Joint Development Activities, as the Joint Exploratory Development Plan or any Joint Plan for Development activities conducted thereunder and shall provide the other Party with a reasonably detailed explanation for such anticipated overspend or underspend. If the Parties agreecase may be, the budget set forth in the Joint Exploratory each applicable Development Plan or any Joint Plan for Development activities may be amended to address such overspend or underspendand Budget.

Cost Overruns. (i) Each Party shall promptly inform the other Party if upon such Party determines determining that it is likely to overspend or underspend by more than [***] percent ([***]%) its respective aggregate budgeted costs and expenses under for Initial Development Activities or Joint Development Activities, as the Joint Exploratory Development Plan or any Joint Plan for Development activities conducted thereunder and shall provide the other Party with a reasonably detailed explanation for such anticipated overspend or underspend. If the Parties agreecase may be, the budget set forth in the Joint Exploratory each applicable Development Plan or any Joint Plan for Development activities may be amended to address such overspend or underspendand Budget.