Preapproved Expenses Sample Clauses
The Preapproved Expenses clause defines which costs or expenditures are authorized in advance by one party, typically allowing the other party to incur these expenses without seeking further approval. In practice, this clause may list specific categories of expenses, such as travel or materials, or set monetary limits for automatic approval. Its core function is to streamline operations and prevent disputes by clearly outlining which expenses are permitted and reimbursable, thereby ensuring both parties have a mutual understanding of allowable costs.
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Preapproved Expenses. Summit shall promptly reimburse AmBiz for all expenses paid or incurred by AmBiz or any of its members, and which are PREAPPROVED BY SUMMIT for travel, entertainment, goods and services which are necessary or appropriate in order to provide the services specified. At the request of AmBiz Summit shall provide AmBiz with a reasonable expense advance to cover AmBiz’ preapproved out of pocket expenses according to budgets or estimates prepared by AmBiz. Preapproved expenses not covered by any advance shall be reimbursed within seven (7) days of submittal of an itemized expense reimbursement report.