Common use of Management Group Clause in Contracts

Management Group. 3.2.1. The Management Group is the highest ranked decision-making body of the Project, and is responsible for the completion of the Project within the framework of available funds, with decision-making authority in all matters arising within or being of significance to the Project. Neither the Management Group nor the members thereof have a mandate to represent any of the Parties, the Parties jointly or the Project in relation to third parties, to make decisions constituting exercise of authority or to make decisions, without the approval of the affected Party, that alter a Party's rights or obligations under the Agreement. 3.2.2. The Management Group shall consist of an equal number of representatives from each of the Parties, who shall appoint them in consultation with all Parties. As of the date of the signing of the Agreement, the Management Group consists of the representatives listed in a separate annex to the Agreement. If a Party replaces its representatives, such Party must notify the other Parties according to the provisions regarding notices in the Agreement. 3.2.3. The Project Coordinator's representative shall be Chairman of the Management Group. 3.2.4. The Management Group shall meet when needed, or if so requested by any of its members. The Chairman shall convene all meetings. 3.2.5. The Management Group shall be competent to act if more than half of the Parties are represented. Decisions are made by a simple majority of votes, whereby all members have one vote each and the Chairman has the casting vote in case of equal votes. 3.2.6. A Party shall have a right to subsequently veto a decision by the Management Group that materially conflicts with such Party's legitimate interests. However, this requires that such Party's representative did not vote in favour of the decision. A veto must be submitted in writing to the Management Group without undue delay, but in any event no later than one (1) month from the vetoing Party's receipt of the approved minutes (including detailed contents of the decision), and must also be well motivated. 3.2.7. Management Group meetings shall be recorded in the minutes. The minutes shall be signed and sent to all Parties without undue delay.