Future Budget Clause Samples
The "Future Budget" clause establishes how financial planning and budgeting for upcoming periods will be handled within an agreement. It typically outlines the process for preparing, reviewing, and approving budgets for future fiscal years or project phases, often specifying timelines, required documentation, and the parties responsible for submissions and approvals. This clause ensures that all parties have a clear, agreed-upon framework for managing and allocating resources in the future, thereby reducing the risk of disputes or misunderstandings related to funding and expenditures.
Future Budget. Contributions going forward will be determined by the Parties, who shall seek to agree such details prior to 31 December of the preceding year and set out in writing on or before the 31 March of the preceding financial year in accordance with the Financial Framework. Following determination of future Budget Contributions, the Parties will formally vary this Agreement in accordance with Clause 34, to reflect the required updates to Schedule 1 (Integrated Commissioning Strategies and Indicative Budget Contributions) and other parts of the Agreement as required.