Common use of Risk Sharing Arrangements Clause in Contracts

Risk Sharing Arrangements. The Council is the lead provider for the operation of this Agreement and will appoint a Pooled Fund Manager with responsibility for the integrated management of the Pooled Fund, subject to the governance arrangements set out in Schedule 5 to this Agreement. The Pooled Fund is comprised of contributions from both Partners and forms a single fund. The Pooled Fund is to be used solely to achieve the aims, objectives and functions set out in Schedules 1 and 2. The Pooled Fund Manager shall provide quarterly reports to be reviewed at least biannually to the Joint Management Board on the information specified in the Appendix to Schedule 5. Information is to be reported separately in respect of the Pooled Fund. The Partners agree to provide all necessary information 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 Joint Management Board. If at any time during the financial year there is forecast a material projected under or overspend on the Pooled Fund, the Pooled Fund Manager will prepare an action plan to manage the material under or overspend, for presentation to the Joint Management Board within one month. The Joint Management Board will consider the action plan, amend if appropriate and agree the actions to be taken. The Pooled Fund Manager will provide monthly progress reports to the Joint Management Board on implementation of the action plan, until such time that the material under or overspend has been dealt with to the satisfaction of the Joint Management Board. In the event of there being no agreement between the Partners then the dispute resolution provisions of the Agreement will apply.

Risk Sharing Arrangements. The Council is the lead provider for the operation of this Agreement agreement and will appoint a Pooled Fund Manager with responsibility for the integrated management of the Pooled Fund, subject to the governance arrangements set out in Schedule 5 to this Agreementagreement. The Pooled Fund is comprised of contributions from both all of the Partners and forms a single fund. The Pooled Fund is to be used solely to achieve the aims, objectives and functions set out in Schedules Schedule 1 and 2. The Pooled Fund Manager shall provide report quarterly reports to be reviewed at least biannually to the Joint Management Board on the information specified in the Appendix to Schedule 5. Information is to be reported separately in respect of the Pooled Fund. The Partners agree to provide all necessary information 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 Joint Management Board. If at any time during the financial year there is forecast a material projected under or overspend on the Pooled Fund, the Pooled Fund Manager will prepare an action plan to manage the material under or overspend, for presentation to the Joint Management Board within one month. The Joint Management Board will consider the action plan, amend if appropriate and agree the actions to be taken. The Pooled Fund Manager will provide monthly progress reports to the Joint Management Board on implementation of the action plan, until such time that the material under or overspend has been dealt with to the satisfaction of the Joint Management Board. In the event of there being no agreement between the Partners then the dispute resolution provisions of the Agreement agreement will apply.