Budget variations Clause Samples

A Budget Variations clause defines the process for adjusting the agreed-upon budget in a contract when unforeseen changes or additional costs arise. Typically, this clause outlines the circumstances under which budget modifications can be requested, the approval process required, and any documentation or notice that must be provided. Its core practical function is to provide a clear and fair mechanism for managing financial changes during a project, thereby reducing disputes and ensuring both parties remain aligned on cost expectations.
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Budget variations. Any variations from Budget, including calls on Treasurer’s Advance, which do not result from a variation in the level of outputs delivered by the Department, must be agreed by the owner. Such variations will be considered in the context of end of year cash requirements, unless the relevant legal appropriation is first exhausted. The Department will manage within existing fund sources until this time
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Budget variations. The Contractor may only significantly alter the Budget with the PHN’s written approval. Significant alterations include Budget items changing by either 10% or more, or $20,000 or more excluding GST (or some other threshold specified in the Schedule).
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Budget variations. 8.1 The Project is to be managed and accounted for in accordance with the approved budget set out at Schedule 2 (the Budget). 8.2 You may transfer up to £1,000 in each calendar year between most of the grant budget headings without our prior approval. 8.3 The following transfers must be approved by us in writing (using a Change Request form) before you make the transfer: 8.3.1 transfers of more than £1,000 per budget heading in each calendar year; and/or 8.3.2 transfers into or out of salary budget headings, which will be permitted only in exceptional circumstances. 8.4 Details of all transfers, the reasons for the change and the overall impact on the Project must be included in your Reports.
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Budget variations. The Subcontractor shall notify CZU in advance of any expected budget variations. The Subcontractor is authorized to make variations not exceeding 20 percent on any individual budget line item within the Work Plan, provided that the total amount allocated by CZU, as outlined in paragraph 6.1, is not exceeded. Variations exceeding 20 per cent on any single budget line item must be approved in writing by both CZU and UNDP following prior consultation. CZU will respond to any variation requests within a reasonable timeframe to facilitate continued Project implementation.
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Budget variations. Amending, modifying, altering or varying from any Approved Budget, except in the case of (A) Emergency Expenses, (B) amounts required to be expended to pay for any alteration, repair, or replacement respecting any Property required by any present or future law, ordinance, order, rules, regulation, or requirement of any federal, state, or municipal government, department, commission, board, or office, (C) taxes imposed by any federal, state or municipal government, (D) utility costs, (E) snow removal costs, (F) insurance premiums for insurance policies maintained in accordance with the terms of this Agreement, (G) required debt service on any Loans, (H) required payments under any Master Lease, and (I) variations of more than five percent (5%) in the aggregate with respect to any Approved Budget.
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Related to Budget variations

  • Amendments and Variations No amendment to or Variation of this Agreement shall be effective unless made in writing by duly authorized representatives of both Parties, if not provided otherwise herein. The Agreement can be amended in compliance with the provisions of Article 61 of the Public Procurement Law of the Republic of Latvia.

  • F3 Variation The Authority may from time to time during the Contract Period, by written notice to the Contractor, request a variation of the Contract provided that such variation does not amount to a material change to it. Such a change is hereinafter called a “Variation”.

  • Budget Revisions Grantee shall obtain Prior Approval from Grantor whenever a Budget revision is necessary for one or more of the reasons enumerated in 2 CFR 200.308 or 44 Ill. Admin. Code 7000.370(b). All requests for Budget revisions that require Grantor approval shall be signed by Grantee’s authorized representative and submitted to Grantor for approval. Expenditure of funds under a requested revision is prohibited and will not be reimbursed if expended before Grantor gives written approval.

  • Budget Schedule Subrecipient agrees that the expenditures of any and all funds under this Contract will be in accordance with the Budget Schedule, a copy of which is attached hereto as Attachment C, and which by this reference is incorporated herein and made a part hereof as if fully set forth.

  • WAIVER AND VARIATION No waiver or variation of this Parent Agreement shall be of any force unless such waiver or variation is agreed upon in writing and signed by an authorised representative of each of the Parties.