Annual Work Program and Budget Clause Samples

Annual Work Program and Budget. (AWP&B) (a) prepare a draft AWP&B for each Fiscal Year, setting forth, inter alia: (i) a detailed description of planned activities under Parts 3.2 and 3.3 of the Project for the following Fiscal Year; (ii) the sources and uses of funds therefore; and (iii) responsibility for execution of the activities under Parts 3.2 and 3.3 of the Project, budgets, start and completion date, outputs, and monitoring indicators to track progress of each activity; (b) not later than November 30 of each Fiscal Year and after considering the comments provided by the Advisory Committee, furnish to the World Bank for its comments and approval, the draft AWP&B and, promptly thereafter, finalize the AWP&B taking into account the World Bank’s views and recommendations thereon; and (c) adopt and sign the final version of the AWP&B in the form approved by the World Bank not later than December 31 of such Fiscal Year.

Annual Work Program and Budget. The provisions of Paragraphs I.1 and I.2 of Section I of Schedule 2 to the Original Financing Agreement are incorporated herein by reference and apply to the Project, mutatis mutandis.

Annual Work Program and Budget document specifying the set of activities to be carried out by the Concessionaire for the next five-year period, including details of the investments required to carry out the activities.

Annual Work Program and Budget. (AWPB) 1. The Recipient shall: (i) at least sixty (60) days prior to the beginning of each Fiscal Year, prepare and furnish to the Association a proposed Annual Work Program and Budget (AWPB) for such Fiscal Year; and (ii) afford the Association a reasonable opportunity to discuss each such AWPB with the Recipient prior to submitting it for final governmental approval. 2. Without limitation on Paragraph 1 above, the Recipient shall ensure that the total project costs set forth in each such AWPB include activities to be funded by the Recipient in amounts satisfactory to the Association.

Annual Work Program and Budget. For each Calendar Year, so long as the Joint Development Agreement is in effect, the Company shall prepare the Annual Work Program and Budget in accordance with the terms of the Joint Development Agreement and the Company shall be bound by the Annual Work Program and Budget approved pursuant to the terms of the Joint Development Agreement. For each Calendar Year (or partial Calendar Year) following the date upon which the Joint Development Agreement is terminated, an Annual Work Program and Budget shall be adopted as follows: (a) On or before August 15 in the Calendar Year immediately preceding the relevant Calendar Year (or, following the termination of the Joint Development Agreement, as promptly as practicable), the President and General Manager shall prepare, or cause to be prepared, and submit to the Management Board a proposed Annual Work Program and Budget for such applicable Calendar Year. Each such proposed Annual Work Program and Budget shall contain at least the following: (i) inclusion of expenditures required by the Company under the terms of any Company Contract during such Calendar Year, except with the approval of such Management Board to the contrary; (ii) an itemized estimate of the Appalachian Overhead and Company Operating Expenses for such Calendar Year; (iii) itemized estimates of the expenditures covered by the proposed Annual Work Program and Budget (including each Member’s share thereof) by budget category, containing sufficient detail (to the extent available) to afford the ready identification of the nature, scope and duration of the activity in question; (iv) estimates of the schedule pursuant to which each Member’s share of expenses included in the Annual Work Program and Budget are anticipated to be incurred by the Company; and (v) any other information requested in writing by a Member that can reasonably be provided by the Company. (b) Itemized expenditures in an Annual Work Program and Budget may extend over more than one Calendar Year because such itemized expenditures represent activities or operations that require commitments in excess of one Calendar Year. Once itemized expenditures are approved by the Management Board, the President and General Manager shall not be required to resubmit them for approval of the Management Board on an annual or other periodic basis, but instead all such items shall be automatically included in future Annual Work Program and Budgets as items which have already been approved.

Annual Work Program and Budget. (AWP&B) (a) prepare a draft AWP&B for each Fiscal Year, setting forth, inter alia: (i) a detailed description of planned activities for the Project for the Fiscal Year; (ii) the sources and uses of funds therefor; and

Annual Work Program and Budget. The Recipient shall:

Annual Work Program and Budget. The Annual Work Program and Budget are subject to the same provisions as the Annual Production Program in terms of delivery, approval and review procedures. The first Annual Work Program and Budget must cover the remainder of the current year and be submitted by the Concessionaire within 60 (sixty) days of the date of signature of this Agreement. If there are more than 6 (six) months to go until the end of the year, the Annual Work Program and Budget must be sent, with the current year as the reference year. If there are less than six (6) months to go until the end of the year, only the Annual Work Program and Budget for the following year must be sent by October 31st of that year, or by the deadline set in paragraph 8.7 if it is later than October 31st. An exception may be made to paragraph 8.7.2 if there are activities to be effectively carried out by the Concessionaire in the second half of the current year, provided that the presentation of the Annual Work Program and Budget is preceded by prior consultation with ANP as to its real need.

Annual Work Program and Budget. 8.1 On or before October 1st of each year the Company shall prepare and submit to its Board of Directors a proposed work program and annual budget for the ensuing calendar year. A work program and annual budget shall, after due consideration of the recommendations of the share-holders in relation thereto, be settled by the Board of the Company by December 15th. 8.2 Prior to the first day of the month preceding a calendar quarter the required cash for payment of operating expenses (all expenses which are not capital items) shall be called for by the Company from the Parties concerned. Each Party shall put at the disposal of the Company not later than the day before the first of each calendar quarter amounts sufficient to cover such Party's share of the expenditures envisaged for the then next two succeeding calendar quarters, and if a remittance is late, the Company shall give notice to the Party in default demanding payment within fifteen (15) days from the date such notice is served. Any Party may satisfy its obligations in whole or part under this paragraph by authorizing the Company to use for such expenditures the whole or part of its share of joint account funds held by the Company for it. The required cash for capital expenditures shall be handled in a similar manner although the Company shall not require payments in advance except to the extent reasonably necessary. [GENERAL PETROLEUM & MINERAL ORGANIZATION LETTERHEAD] 8.3 The Board of Directors or the Technical Manger shall from time to time determine the rates of production of minerals, taking into consideration all relevant factors including availability of labour, transportation end economically attractive markets. Such rates of production shall prevail until changed by the Board of Directors or by the Manager Technical.