Common use of Risk Sharing Arrangements Clause in Contracts

Risk Sharing Arrangements. The County Council is the host for the operation of this agreement and will appoint a Pooled Fund Manager with responsibility for the management of the Pooled Fund, subject to the governance arrangements set out in Schedule 4 to this agreement. The Pooled Fund is comprised of contributions from the Partners and forms a single fund. The Pooled Fund is to be used solely to achieve the ODP set out in Schedule 1 to this agreement. The budget amounts contributed by the Partners to the Pooled Fund are set out further below. The Pooled Fund Manager shall report every six weeks to the MG with the latest month end monitoring on the information specified in Schedule 4 and according to the frequency for reporting described there. The Partners agree to provide all necessary information (as agreed by the MG) to the Pooled Fund Manager in time for the reporting requirements to be met. The Pooled Fund Manager shall ensure that action is taken to manage any projected under or overspends from the budgets relating to the Pooled Fund reporting on the variances and the actions taken or proposed to the MG. If at any time during the financial year a projected under or overspend on the Pooled Fund is forecast to occur, the Pooled Fund Manager will prepare an action plan to manage the under or overspend, for presentation to the MG at the next meeting of the MG. The MG will consider the action plan, amend if appropriate and agree the actions to be taken. Any projected underspend should be allocated only to non-recurrent spend. The Pooled Fund Manager will provide six weekly progress reports to the MG on implementation of the action plan, until such time that the under or overspend has been dealt with to the satisfaction of the MG. The budget amounts to be contributed by the Partners to the Pooled Fund are as follows:-