Common use of General Joint Account Clause in Contracts

General Joint Account. (clarification, charges and entries). This account will record all movement as detailed below and will be fully distributed to the Parties on a monthly basis, in the proportion of fifty percent (50%) to ECOPETROL and fifty percent (50%) to the ASSOCIATE with respect to investments, and in the proportion provided in Contract Clause 22 (sections 22.6.1 and 22.6.2) for Direct Expenses and Indirect Expenses, that is, will serve as the basis for monthly billing as therein provided, leaving a zero (0) balance each month. All accounting transactions associated to this account will be recorded by the Operator in Colombian pesos subject to the laws of the Republic of Colombia, but the operator will have the right to, in turn, keep ancillary records showing disbursements incurred in any currency other than Colombian pesos.

General Joint Account. (clarification, charges and entries). This account will record all movement as detailed below and will be fully distributed to the Parties on a monthly basis, in the proportion of fifty percent (50%) to ECOPETROL and fifty percent (50%) to the ASSOCIATE with respect to investments, and in the proportion provided in Contract Clause 22 (sections 22.6.1 and 22.6.2) for Direct Expenses and Indirect Expenses, that is, will serve as the basis for monthly billing as therein provided, leaving a zero (0) balance each month. All accounting transactions associated to this account will be recorded by the Operator in Colombian pesos subject to the laws of the Republic of Colombia, but the operator will have the right to, in turn, keep kee ancillary records showing disbursements incurred in any currency other than Colombian pesos.

General Joint Account. (clarification, charges and entries). This account will record all movement as detailed below and will be fully distributed to the Parties on a monthly basis, in the proportion of fifty percent (50%) to ECOPETROL and fifty percent (50%) to the ASSOCIATE with respect to investments, and in the proportion provided in Contract Clause 22 (sections 22.6.1 and 22.6.2) for Direct Expenses and Indirect Expenses, that is, will serve as the basis for monthly billing as therein provided, leaving laving a zero (0) balance each month. All accounting transactions associated to this account will be recorded by the Operator in Colombian pesos subject to the laws of the Republic of Colombia, but the operator will have the right to, in turn, keep ancillary records showing disbursements incurred in any currency other than Colombian pesos.