Project Overrun Contributions. Where Project Expenditure is, pursuant to a Program and Budget, approved by the Board of Directors, subject to sub-section 10.2.1, the liability of the Party who is not nominating the Chairman shall not extend to Project Expenditures which exceed the approved Budget by more than twenty percent (20%) unless: (a) the excess shall have been approved by the Board of Directors; or (b) the expenditure shall have been incurred in circumstances referred to in sub-section 6.5.3; or
Appears in 2 contracts
Sources: Joint Venture Contract (Minco Mining & Metals Corp), Joint Venture Agreement (Minco Mining & Metals Corp)