Modification of Budget Clause Samples
The Modification of Budget clause establishes the process by which the parties can alter the financial allocations or spending limits set out in an agreement. Typically, this clause outlines the circumstances under which budget changes are permitted, such as unforeseen expenses or changes in project scope, and specifies the required approvals or documentation needed for such modifications. Its core practical function is to provide a clear and agreed-upon mechanism for adjusting the budget, thereby preventing disputes and ensuring that both parties can respond flexibly to changing financial needs during the course of the agreement.
Modification of Budget. Upon written approval of County, Subrecipient shall have the authority to transfer allocated program funds from one category of the overall program Budget to another category of the overall Budget. No such transfer may be made without the express prior written approval of County. A modification of the Budget may include the addition of any new Budget category.
Modification of Budget. Upon written approval of COUNTY, SUBRECIPIENT shall transfer allocated program funds from one category of the overall program BUDGET to any other category of the overall BUDGET. No such transfer may be made without the express prior written approval of COUNTY. A modification of the BUDGET may include the addition of any new BUDGET category.
Modification of Budget. Upon written approval of COUNTY, SUBRECIPIENT shall transfer allocated program funds from one category of the overall program budget to any other category of the overall program budget, as long as the amount of the total CONTRACT is not increased and the basic goals and objectives of the program are not altered. No such transfer may be made without the express prior written approval of the COUNTY. A modification of the Budget may include the addition of any new budget category. Approval of the Budget Modification by COUNTY includes approval of the new Budget Category. Frequencies of Budget Modification request initiated by SUBRECIPIENT are outlined in specified COUNTY policy. Budget modification requests will not be processed after April 30 of each annual CONTRACT term.
Modification of Budget. Upon written approval of County, Contractor shall have the authority to transfer allocated program funds from one category of the overall program Budget to another category of the overall Budget. No such transfer may be made without the express prior written approval of County. A modification of the Budget may include the addition of any new Budget category.
Modification of Budget. Notwithstanding anything to the contrary in this Agreement, if Contractor reasonably determines that the actual cost of any component of the Work is less than the portion of the Contract Sum allocated to that component in the Budget, then Contractor may, no more than once a month revise the Budget to reallocate such savings to other components in the Budget. Further, no more than once a month, Contractor may reallocate the “Contingency Amount” (as such term is reflected in the Budget) and apply such reallocated amounts to any component of the Work to pay for the costs incurred in connection with such component of the Work. Finally, Contractor may reallocate costs in the Budget amongst the various components of the Budget so long as Contractor reasonably determines that the amounts for each such component will be sufficient after such reallocation. All modifications to the Budget pursuant to this Section 4.1.3 shall be effective when Contractor submits a revised Budget to Owner. Notwithstanding anything to the contrary contained herein, in no event shall the Budget be modified to increase the Contract Sum without Owner’s prior written consent. If Owner properly disapproves Contractor’s proposed reallocation of Budget savings or in the event of any other dispute between Owner and Contractor under this Section 4.1.3, such dispute shall be resolved by the Civil Engineer.
Modification of Budget. Modifying a budget to result in ---------------------- a material increase for any category or expense, or an aggregate increase of 10%. 6.
Modification of Budget. 1) The Grantee has the responsibility to identify instances when funds cannot be expended in accordance with the Grant Agreement Project Budget and to seek reallocation of those funds prior to the expiration of the Grant Agreement.
2) The Grantee must utilize one of the following options in order to reallocate funds.
A) The Grantee may reallocate amounts less than $1,000 of the grant funds to existing line items in the approved budget in the Grant Agreement. The Grantee must note the reallocation in the reporting forms.
B) If the Grantee wishes to reallocate amounts less than $1,000 of the grant funds to an expense that creates a new line item in the approved budget, the Grantee must submit to the Administrator a written request and explanation for reallocation.
C) If the Grantee wishes to reallocate amounts of $1,000 or more of grant funds, the Grantee must submit to the Administrator a written request and explanation for the reallocation.
D) The Administrator shall grant a reallocation of funds when it determines that funds will be used for allowable expenses consistent with the funded services.
E) The Administrator shall inform the Grantee within 30 days after receipt of a request, if the request is not approved.
Modification of Budget. Modify the Project Budget for such Project including reallocating costs between or among line items except as expressly provided in Section 4.2.19 hereof.
Modification of Budget. 1) The Grantee has the responsibility to identify instances when funds can not be expended in accordance with the Grant Agreement budget and to seek reallocation of those funds prior to the expiration of the Grant Agreement.
2) The Grantee must utilize one of the following options in order to reallocate funds.
A) The Grantee may reallocate amounts less than $1,000 of the grant funds to existing line items in the approved budget in the Grant Agreement. The Grantee must submit information relating to the reallocation on a form prescribed by the Administrator.
B) If the Grantee wishes to reallocate amounts less than $1,000 of the grant funds to an expense that creates a new line item in the approved budget, the Grantee must submit to the Administrator a written request and explanation for reallocation on a form prescribed by the Administrator.
C) If the Grantee wishes to reallocate amounts of $1,000 or more of grant funds, the Grantee must submit to the Administrator a written request and explanation for the reallocation on a form prescribed by the Administrator.
D) The Administrator will grant a reallocation of funds when it determines that funds will be used for allowable expenses consistent with the funded services.
E) The Administrator shall inform the Grantee of its decision within 30 days after receipt of a request.
Modification of Budget. Notwithstanding any other provision of this contract, the Contractor may, at its discretion, make modifications to line items in the Budget (Attachment B), hereof, that will not increase the line item by more than fifteen percent (15%).