Revised Budgets Clause Samples
The Revised Budgets clause establishes the process for updating and approving changes to the original budget during the course of a project or agreement. It typically outlines when and how parties can propose adjustments, the documentation required, and the approval procedures for revised financial plans. This clause ensures that all parties remain aligned on financial expectations and provides a structured method for managing unforeseen costs or changes in project scope, thereby reducing the risk of disputes over budget overruns.
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Revised Budgets. In connection with each Property Acquisition following the first Property Acquisition, the Manager may prepare an amendment to the then existing approved Budget to reflect the additional costs and expenses associated with the ownership of the Assets proposed to be acquired and submit such proposed revision to the Owner as contemplated by Section 9.1. If the Owner approves the Property Acquisition, Owner shall be deemed to have approved the revision to the Budget and such revised Budget shall then constitute the approved Budget as contemplated by Section 3.2.
Revised Budgets. If the Budget is under or overspent in the previous Interim Period, then the Recipient must provide FII with a brief explanation for such under or over spending. If the Recipient desires to have budgeted FII Project Funding which was not expended during the applicable Interim Period deferred to another Interim Period, then the Recipient must submit a revised Project Proposal and proposed Budget to FII with explanations to reflect the Recipient’s future planned expenditures and Eligible Costs as well as how the revised Project Proposal and Budget will affect the Work and the Performance Measures. Failure of the Recipient to submit a revised Project Proposal and Budget will result in the amount of any under spending in one Interim Period being forfeited by the Recipient and the FII Project Funding being reduced accordingly. If the Budget is overspent during one Interim Period, the Accountable Advance to be made for the next Interim Period will be reduced by such over expenditure or if such Accountable Advance has already been made to the Recipient, and the Recipient will repay to FII, in accordance with this Agreement, an amount equal to such over expenditure.
Revised Budgets. The Budgets shall have been revised in a manner consistent with this Amendment and Lender shall have approved such revised Budgets;
Revised Budgets. Formal budget revisions that equal 5% or more of a grantee’s total budget (including reallocating funds from one subcontractor to another) require review and approval from HHSC. Please complete the budget revision form located in the financial workbook and submit to HHSC along with a VAR before requesting payment. Informal reallocation of costs totaling less than 5% of grantee’s total budget require a review notification from HHSC. Informal reallocation of costs must be submitted via a VAR outlining the details of the reallocation prior to submitting the monthly invoice. Upon notification of reallocation, HHSC will send updated financial workbook to grantee, and the monthly invoice can be submitted using the newly updated financial workbook.
Revised Budgets. The research fees for each year after the first year of the Research Program shall be adjusted to reflect modifications to the budget for the Research Program, if any, that are made by mutual agreement of the parties.