PRODUCTION BUDGETS Clause Samples
The "Production Budgets" clause defines the process and requirements for establishing and managing the financial plan for a production. It typically outlines who is responsible for preparing the budget, the approval process, and any limitations or guidelines on expenditures. For example, it may require that a detailed budget be submitted to and approved by a producer or financier before production begins, and may set procedures for handling budget overruns. The core function of this clause is to ensure financial discipline and transparency, helping to prevent unexpected costs and disputes over spending during the production process.
PRODUCTION BUDGETS. Each production Budget required under the Agreement shall be divided into the following sections:
(i) Capital Expenditure
(ii) operating expenditure
(iii) extraordinary expenditure. Each production Budget shall include the items detailed in paragraphs (i) to (vi) inclusive of this Section 7.1.1, and an estimate of the cost to complete projects commencing in the respective Budget year.
PRODUCTION BUDGETS i. Upon bargaining unit employee request, and where such information is demonstrably necessary for the employee to perform their assigned duties as determined by the Company, the Company shall tell full-time bargaining unit employees how their individual show is tracking against their show budget (e.g. a percentage of total, initial budget remaining), how much money is available to them to carry out their assigned work (e.g. negotiating talent contracts), and/or listenership information. Employees acknowledge that such information is confidential. Such confidentiality shall be communicated to the employee who has made the request, and that the sharing of such information in any manner may be grounds for termination under this Agreement, subject to Article 6: Discipline and Discharge.