Major Commitments Sample Clauses
The "Major Commitments" clause defines the key obligations and responsibilities that each party must fulfill under the agreement. It typically outlines the most significant actions, deliverables, or standards required, such as providing specific goods or services, meeting deadlines, or maintaining certain performance levels. By clearly identifying these essential duties, the clause ensures that both parties understand their primary roles and helps prevent disputes over what is fundamentally expected in the contractual relationship.
Major Commitments. 5.1 Approving any capital expenditure in excess of £5,000,000.
5.2 Approving any material, either by reason or size or strategically, contracts of the Company or any subsidiary in the ordinary course of business including bank borrowings and acquisitions or disposal of fixed assets with an annual value in excess of £5,000,000.
5.3 Approving any contracts of the Company or any subsidiary not in the ordinary course of business including loans and repayments, foreign currency transactions and major acquisitions or disposals.
5.4 Approving any major investments including the acquisition or disposal of interests of more than five per cent. in the voting shares of any company (excluding new centres opening) or the making of any takeover bid, or recommending (or not) any bid received.
5.5 Setting the risk management strategy including in relation to derivatives transactions.
5.6 Setting the treasury policies including in relation to foreign exchange exposure.
Major Commitments. Each Party agrees to:
(a) observe and perform its obligations and commitments set out in this Collaborative Head Agreement; and
(b) act in good faith with respect to the Collaborative Head Agreement and any Project Agreement and to advise the Management Committee of any circumstance of which it may be aware that may affect or impede the achievement of the Objective.