Specific Venture Provisions Clause Samples
The "Specific Venture Provisions" clause defines terms and conditions that are tailored to a particular business venture or project within a broader agreement. This clause typically outlines unique obligations, rights, or procedures that apply only to the specified venture, such as governance structures, profit-sharing arrangements, or decision-making protocols. By addressing the distinct needs and risks of the venture, this clause ensures that both parties have a clear understanding of their roles and expectations, thereby reducing ambiguity and potential disputes related to the specific project.
Specific Venture Provisions. 9 .1 Budget/Business Plan. The Board shall approve the annual budget and business plan, as well as monthly or quarterly revisions. The budget shall include detailed capital and operating expense budgets, cash flow projections and profit and loss projections. The management of the Company shall prepare a business plan and present it to the Board. At least thirty (30) days before the beginning of each fiscal year (aside from the current fiscal year, for which the business plan and budget is set forth as Exhibit C hereto), the Company’s management shall prepare and submit to the Board the annual budget and business plan. Each Board member may propose revisions to the budget and business plan for such upcoming fiscal year. The Board ultimately shall approve a budget and business plan and the Board shall use good faith efforts to agree.
Specific Venture Provisions