Project Overrun Contributions Sample Clauses

Project Overrun Contributions. Where Project Expenditure is, pursuant to a Program and Budget, approved by the Board of Directors, subject to SUB-SECTION 10.2.1, the liability of the Party who is not nominating the Chairman shall not extend to Project Expenditures which exceed the approved Budget by more than twenty percent (20%) unless: (a) the excess shall have been approved by the Board of Directors; 37 29. (b) the expenditure shall have been incurred in circumstances referred to in SUB-SECTION 7.10; or (c) such excess shall have occurred in circumstances not directly controllable by the Chairman such as under contracts which contain escalation provisions and/or opportunities for significant variations in scope.