Informal Budget Modifications Clause Samples
The Informal Budget Modifications clause allows parties to make minor adjustments to the project budget without requiring a formal amendment to the contract. Typically, this clause sets a threshold or percentage limit for changes that can be made informally, such as reallocating funds between budget categories as long as the overall contract value is not exceeded. Its core practical function is to provide flexibility and efficiency in managing project finances, reducing administrative burden while maintaining control over significant budget changes.
Informal Budget Modifications. GRANTEE may only make two (2) informal modifications to the budget, as set forth in Exhibit B, during the Grant Period at any time. GRANTEE may:
a. Modify a cost category with a total of Five Thousand Dollars ($5,000) or less dollars and incur expenses pursuant to an informal budget modification, provided that GRANTEE submits a memorandum to COMMISSION with the «Invoicing» invoice required under Section 10 of this Grant Agreement that explains the informal modification; or
b. Modify a cost category with a total that is greater than Five Thousand Dollars ($5,000) dollars and incur expenses that are less than or equal to ten percent (10%) of the amount of the total cost category pursuant to an informal budget modification, provided that GRANTEE submits a memorandum to COMMISSION with the «Invoicing» invoice required under Section 10 of this Grant Agreement that explains the informal modification.
Informal Budget Modifications. CONTRACTOR may only make two
Informal Budget Modifications. CONTRACTOR may only make four (4) [1 for every 6 months] informal modifications to the budget, as set forth in Exhibit B during the terms of this Contract. Informal Budget Modifications shall be limited to two
Informal Budget Modifications. CONTRACTOR may only make one (1) informal modifications to the budget, as set forth in Exhibit B, during the term of this Contract at any time. Notwithstanding Section XXVII of this Contract, CONTRACTOR may:
a. Modify an originating cost category with a total of Five Thousand Dollars ($5,000) or less and incur expenses pursuant to an informal budget modification, provided that CONTRACTOR submits a memorandum to COMMISSION with the «Invoicing» invoice required under Paragraph C of Section V of this Contract that explains the informal modification; or
b. Modify an originating cost category with a total that is greater than Five Thousand Dollars ($5,000) and incur expenses that are less than or equal to ten percent (10%) of the amount of the total originating cost category pursuant to an informal budget modification, provided that CONTRACTOR submits a memorandum to COMMISSION with the «Invoicing» invoice required under Paragraph C of Section V of this Contract that explains the informal modification.