Common use of Budget Preparation Clause in Contracts

Budget Preparation. COIC, with assistance from the Project Management Team, will prepare, develop, and recommend an annual Project development work plan and associated budget (collectively, the “Budget”) for the Executive Council’s review and approval. The Budget will be prepared on a fiscal year basis, commencing July 1 each year and end the following June 30. The Budget will include, among other things, staff costs, consultant fees, capital management, etc. Notwithstanding anything contained in this Agreement to the contrary, the Budget will not be final, binding, and effective unless and until approved by the Executive Council and COIC.