3. Once approved, the capital expenditure budget is indicative only and it does not represent an authorisation to proceed. This must be obtained for each individual project. For managed hotels, approval must be obtained from the Owner on the prescribed form and in accordance with the Management Agreement. Approval must also be obtained from the Accor Regional General Manager (or Director of Operations) if the expenditure is in excess of US$20,000 or if the necessary capital expenditure is outside of the original approved capital budget