Common use of ACCOUNTING, FINANCIAL REPORTING AND AUDIT Clause in Contracts

ACCOUNTING, FINANCIAL REPORTING AND AUDIT. 18.1 The Contractor shall maintain books and accounts of Petroleum Operations in accordance with the Accounting Procedure. These shall be maintained in US$ in accordance with generally accepted international Petroleum industry accounting principles, which US$ maintained books and accounts shall control for the purposes of this Contract and the rights and obligations of the Parties hereunder. In addition, these books and accounts shall also be maintained in Lari to the extent required and provided by law. All books and accounts which are made available to Georgian Oil and the State in accordance with the provisions of the Accounting Procedure shall be prepared both in the Georgian and English languages.

ACCOUNTING, FINANCIAL REPORTING AND AUDIT. 18.1 The Contractor shall maintain books and accounts of Petroleum Operations in accordance with the Accounting Procedure. Procedure attached hereto as Annex C. These shall be maintained in US$ U.S.$ in accordance with generally accepted international Petroleum industry accounting principles, which US$ maintained books and accounts shall control for the purposes of this Contract and the rights and obligations of the Parties hereunder. In addition, these books and accounts shall also be maintained in Lari to the extent required and provided by law. All books and accounts which are made available to Georgian Oil and the State in accordance with the provisions of the Accounting Procedure shall be prepared both in the Georgian and English languages.

ACCOUNTING, FINANCIAL REPORTING AND AUDIT. 18.1 The Contractor shall maintain books and accounts of Petroleum Operations in accordance with the Accounting Procedure. Procedure attached hereto as Annex C. These shall be maintained in US$ local currency of Georgia and in U.S.$ in accordance with generally accepted international Petroleum industry accounting principles, which US$ maintained books and accounts shall control for the purposes of this Contract and the rights and obligations of the Parties hereunder. In addition, these books and accounts shall also be maintained in Lari to the extent required and provided by law. All books and accounts which are made available to Georgian Oil and or to the State Agency in accordance with the provisions of the Accounting Procedure shall be prepared both in the Georgian and English languages.