Common use of Progress Monitoring Clause in Contracts

Progress Monitoring. 11.1 Progress against the Business Plan shall be regularly reviewed at meetings of the Board. 11.2 The Annual Budget, and performance against the Annual Budget, shall be reviewed by the Board at least every three (3) months. 11.3 If, at any meeting of the Board reviewing matters under Clause 11.1, any Director reasonably considers that there has been a material failure of the Company to comply with the Business Plan, the Board shall discuss, or convene a further meeting of the Board to discuss, appropriate action to rectify such breach or failure and/or mitigate the effects of the breach or failure as far as possible, and to determine whether there has been a breach of a Project Document.

Progress Monitoring. 11.1 10.1 Progress against the Business Plan shall be regularly reviewed at meetings of the Board. 11.2 10.2 The Annual Budget, and performance against the Annual Budget, shall be reviewed by the Board at least every three (3) months. 11.3 10.3 If, at any meeting of the Board reviewing matters under Clause 11.110.1, any Director reasonably considers that there has been a material failure of the Company to comply with the Business Plan, the Board shall discuss, or convene a further meeting of the Board to discuss, appropriate action to rectify such breach or failure and/or mitigate the effects of the breach or failure as far as possible, and to determine whether there has been a breach of a Project Document. 10.4 The Board of Directors will meet monthly to review projects and the development programme. Directors will report bi-monthly to the Shareholder Board to report progress of the development programme and the performance of the Business Plan.