Common use of Future Budgets Clause in Contracts

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. 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 receivng 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.