Future Budgets Clause Samples
The "Future Budgets" clause establishes how financial planning and budget allocations will be handled for upcoming periods within an agreement. It typically outlines the process for proposing, reviewing, and approving budgets for future years or project phases, often requiring both parties to agree on projected costs and funding needs before proceeding. This clause ensures that both parties have a clear, mutually agreed-upon framework for managing financial expectations and obligations as the relationship continues, thereby reducing the risk of disputes over funding and resource allocation.
Future Budgets and programs shall be submitted to the Parties in May each year, and Operator shall send its proposal to the Parties in the first ten (10) days of May. The Parties shall notify Operator in writing of any changes they wish to propose, doing so within twenty (20) days of receiving the Budgets and programs. When this occurs, Operator shall consider such proposals in preparing the Budget and programs to be submitted for final approval by the Executive Committee at its ordinary meeting held each July. Should the total Budget not be approved before July, the Executive Committee shall approve those items on which there is agreement, and the remainder shall be submitted to the Parties for subsequent review and final decision as provided for in Clause 20.
Future Budgets. Contractor shall submit to the CTA for review, no later than March 31 of each Agreement year, a proposed budget for the upcoming year. This budget submittal is for Agreement compliance analysis only and will not affect payment.
Future Budgets. Manager shall submit to Developer, no less than forty-five (45) days in advance of each Operating Year after the first Operating Year supplementary Budgets for such Operating Year.