Yearly Budgets Sample Clauses
The 'Yearly Budgets' clause establishes the requirement for parties to set and agree upon a financial plan for each year of the agreement. Typically, this involves preparing, reviewing, and approving a detailed budget that outlines expected revenues, expenses, and allocations for the upcoming year. By formalizing the budgeting process, this clause ensures financial transparency, facilitates planning, and helps prevent disputes over spending or resource allocation during the contract term.
Yearly Budgets. (a) Not less than sixty (60) days prior to the first day of each Fiscal Year after the Effective Date, Manager shall submit to Owner for Owner’s approval a proposed Yearly Budget including a proposed Capital Replacements Budget for the ensuing full or partial Fiscal Year, as the case may be. Owner’s approval of the Yearly Budget and the Capital Replacements Budget shall not be unreasonably withheld or delayed and shall be deemed given unless a specific written disapproval thereof (as provided below) is delivered by Owner to Manager within thirty (30) days after submission of such budgets. Manager will, on a monthly basis, issue periodic forecasts of operating performance to Owner reflecting any significant unanticipated changes, variables or events or describing significant additional unanticipated items of income or expense. Manager will provide Owner with the material data and information utilized in preparing the Yearly Budget and the Capital Replacements Budget or any revisions thereof. Manager will not be deemed to have made any guaranty, warranty or representation whatsoever in connection with the Yearly Budget and the Capital Replacements Budget, and Owner acknowledges that the Yearly Budget, including the Capital Replacements Budget are intended only as reasonable estimates of the matters they describe. In administering the Yearly Budget, Manager may, without Owner’s approval, reallocate, without restriction, budget line items within the same general divisional classification of budget items shown in the Yearly Budget (e.g., rooms, food and other similar or dissimilar categories, as determined in accordance with the Accounting Principles, and shall not mean the sub-categories such as, for example, linen replacement and uniforms, appearing under a general divisional category) so long as such reallocation does not materially and adversely affect the purposes for which the original budget line items were intended and so long as Manager provides notice of such reallocation to Owner. Manager is always authorized to make expenditures for taxes, insurance and utilities to reflect actual costs thereof. With respect to other items, in the event that Manager encounters circumstances which require unbudgeted and unanticipated expenditures not foreseen at the time of preparation of the Yearly Budget and which Manager deems reasonably necessary, Manager may submit such matters for Owner’s approval, which approval will not be unreasonably withheld or delayed. Ex...
Yearly Budgets. (a) Not less than sixty (60) days prior to the first day of each Fiscal Year after the 2003 Fiscal Year, Manager shall submit to Owner for Owner’s approval a proposed Yearly Budget for each Hotel including a proposed Capital Replacements Budget for each Hotel for the ensuing full or partial Fiscal Year, as the case may be. Notwithstanding the foregoing, (i) Manager shall not be obligated to prepare or deliver Yearly Budgets for the Expansion Hotels for the 2003 and 2004 Fiscal Years; (ii) Manager shall deliver to Owner, each month until January, 2005, Manager’s then most current financial forecast for the Expansion Hotels for the next twelve (12) months, which forecasts shall be in Manager’s customary form; and (iii) on or before December 15, 2003, Manager shall provide to Owner a month-by-month schedule of the draws from the Reserve Account which Manager anticipates to make during the 2004 and 2005 Fiscal Years in connection with renovating the Expansion Hotels; and (iv) Manager shall periodically provide Owner with updates to such schedule consistent with good management and construction practices. Owner’s approval of the Yearly Budgets and the Capital Replacements Budgets shall not be unreasonably withheld or delayed. If Owner fails to disapprove of a proposed Yearly Budget within thirty (30) days after the submission thereof to Owner for its approval, the same shall be deemed approved. Together with each such Capital Replacements Budget, Manager shall provide to Owner a proposed three-year capital forecast for such Hotel for Owner’s review and approval. Manager will, from time to time not less often than quarterly, issue periodic forecasts of operating performance to Owner reflecting any significant unanticipated changes, variables or events or describing significant additional unanticipated items of income or expense. Manager will provide Owner with the material data and information utilized in preparing the Yearly Budgets and the Capital Replacements Budgets or any revisions thereof. Manager will not be deemed to have made any guaranty, warranty or representation whatsoever in connection with the Yearly Budgets and the Capital Replacements Budgets, except that the proposed Yearly Budgets, including the Capital Replacements Budgets, reflect Manager’s best professional estimates of the matters they describe. Manager shall use its reasonable efforts, subject to the Operating Standards, to operate and manage the Hotels in accordance with their Yearly Bud...
Yearly Budgets. (a) The approved operating budget for the F&B Department for 1995 (the "1995 Yearly Budget") is attached hereto and made a part hereof as Exhibit 6.
(b) On or before September 1, 1995, and on or before September 1 of each year thereafter, Food Manager will propose to Hotel Manager an annual budget (the "Yearly Budget") for the F&B Department for the upcoming calendar year. During the months of September and October, Hotel Manager and Food Manager will consult with each other to review and revise Food Manager's submission in order to develop a proposed Yearly Budget for the F&B Department which is mutually satisfactory for submission on or before November 1 to Owner for its approval as part of the annual budgeting process for the entire Hotel under the Hotel Management Agreement. In the event that Food Manager and Hotel Manager, despite using good faith efforts to do so, are unable to reach agreement on a mutually satisfactory Yearly Budget for the F&B Department by November 1 of any year, on such date, each of Food Manager and Hotel Manager shall submit a proposed F&B Department Yearly Budget to Owner for its approval. In such event, or in the event that Owner rejects the proposed Yearly Budget for the F&B Department jointly developed by Food Manager and Hotel Manager as aforesaid, then Owner, Hotel Manager and Food Manager shall cooperate with each other to develop a mutually satisfactory Yearly Budget for the F&B Department. If Hotel Manager and Food Manager each submits its own F&B Department Yearly Budget to Owner as aforesaid, then Owner may approve either of such budgets or disapprove them both. In the event that Owner does not approve a Yearly Budget for the F&B Department prior to the commencement of the applicable calendar year, the aggregate amount of the Yearly Budget for the F&B Department for the preceding calendar year (exclusive of the F&B Department FF&E Budget, which shall be governed by the provisions of Article 4.2(c) below, and exclusive of the contingency fund, which shall be governed by Article 4.2(f) below) shall be increased by an amount equal to the percentage increase in the Index (as hereinafter defined) during such preceding calendar year, and as so increased, shall be deemed to be the Yearly Budget for the F&B Department in effect until such time as a new Yearly Budget for the F&B Department has been approved by Owner. As used herein, the "Index" shall mean the Consumer Price Index for Urban Wage Earners and Clerical Workers --...
Yearly Budgets. 15 4.3 Payment of F&B Department Costs............................... 19
Yearly Budgets. Not less than sixty (60) days prior to the first day of each Fiscal Year after the 2005 Fiscal Year, Manager shall submit to Owner for Owner’s approval a proposed Yearly Budget for each Hotel including a proposed Capital Replacements Budget for each Hotel for the ensuing full or partial Fiscal Year, as the case may be. If Owner fails to disapprove of a proposed Yearly Budget within thirty (30) days after the submission thereof to Owner for its approval, the same shall be deemed approved. Together with each such Capital Replacements Budget, Manager shall provide to Owner a proposed three-year capital forecast for such Hotel for Owner’s review and approval. Manager will, from time to time not less often than quarterly, issue periodic forecasts of operating performance to Owner reflecting any significant unanticipated changes, variables or events or describing significant additional unanticipated items of income or expense. Manager will provide Owner with the material data and information utilized in preparing the Yearly Budgets and the Capital Replacements Budgets or any revisions thereof. Manager will not be deemed to have made any guaranty, warranty or representation whatsoever in connection with the Yearly Budgets and the Capital Replacements Budgets, except that the proposed Yearly Budgets, including the Capital Replacements Budgets, reflect Manager’s best professional estimates of the matters they describe. Manager shall use its reasonable efforts, subject to the Operating Standards, to operate and manage the Hotels in accordance with their Yearly Budgets. The Yearly Budgets for the Hotels for the 2005 Fiscal Year shall be those most recently delivered by Manager to Owner on or before the Effective Date.