Underspend. In the event that expenditure from any Pooled Fund or Non Pooled Fund in any Financial Year is less than the aggregate value of the Financial Contributions made for that Financial Year or where the expenditure in relation to an Individual Scheme is less than the agreed allocation to that particular Individual Scheme the Partners shall agree how the monies shall be spent, carried forward and/or returned to the Partners and the provisions of Schedule 3 shall apply. Such arrangements shall be subject to the Law and the Standing Orders and Standing Financial Instructions (or equivalent) of the Partners. In the event that the Pooled Fund Manager identifies an actual or projected under spend the Pooled Fund Manager must ensure that the Partnership Board is informed as soon as reasonably possible and action agreed as appropriate by the Partnership Board.
Appears in 2 contracts
Sources: Framework Partnership Agreement, Framework Partnership Agreement