Common use of Currency and accounts for payments Clause in Contracts

Currency and accounts for payments. 16.5.1 Unless the Contract stipulates otherwise, all payments between the Parties will be made in Dollars. Subject to Article 16.4.2, when the Party receiving the payment is the State, payments will be made to the General Treasury of the State, and when the receiving Party is the Contractor, payments will be made to the bank account designated by the Contractor and reported to the Ministry. 16.5.2 All amounts paid to the Ministry in accordance with the Law and this Contract will be deposited in the accounts belonging wholly to the State and will be reported to the Contractor.

Currency and accounts for payments. 16.5.1 Unless the Contract stipulates otherwise, all payments between the Parties will be made in Dollars. Subject to Article 16.4.216.5.2, when the Party receiving the payment is the State, payments will be made to the General Treasury of the State, and when the receiving Party is the Contractor, payments will be made to the bank account designated by the Contractor and reported to the Ministry. 16.5.2 All amounts paid to the Ministry in accordance with the Hydrocarbons Law and this Contract will be deposited in the accounts belonging wholly to the State and will be reported to the Contractor.