Common use of Notwithstanding Clause 3 Clause in Contracts

Notwithstanding Clause 3. 3.5, the Managers may in each Annual Budget period, as specified in Clause 3.3.2, incur expenditure on behalf of the Owners in respect of items that are not budgeted for in the Annual Budget, or for amounts in excess of the Annual Budget amounts, without the approval of the Owners provided that: (i) such expenditure is used only for the proper performance of the Management Services; and (ii) such total expenditure does not exceed five (5) per cent of the total budgeted amount for that Annual Budget period or such other amount that may be agreed by the parties from time to time.