 Who may approve a revised Budget?
Property Manager may make any capital expenditure within any Budget approved by the Company. All other capital expenditures, other than Permitted Expenditures, shall be subject to submittal of a revised Budget to Company for approval in accordance with the terms of this Agreement. Unless Company specifically waives such requirements, Property Manager shall award any contract for a capital improvement exceeding $100,000 in cost on the basis of competitive bidding, selected from a minimum of two (2) written bids. Property Manager shall accept the bid of the lowest bidder determined by Property Manager, in its sole discretion, to be responsible, qualified and capable of completing such capital improvements on a reasonable schedule and as bid.
Company