Inventories for Subsequent Operations Clause Samples

Inventories for Subsequent Operations. After the date of approval of the first Work Programme and Budget referred to in Article 10.1 of the Contract, inventories of property in use for Petroleum Operations under the Contract shall be taken periodically (but at least once a year with respect to movable assets and once every three (3) years with respect to real property). The CONTRACTOR shall notify the STATE at least thirty (30) Days in advance of its intention to take such inventory and the STATE shall have the right to be represented when such inventory is taken. The CONTRACTOR shall clearly state the principles upon which valuation of the inventory has been based. The CONTRACTOR shall make reasonable efforts to provide to the STATE a full report of each inventory within thirty (30) Days after completion of the inventory. When an assignment of rights under the Contract takes place, the CONTRACTOR may, at the request of the assignee, take a special inventory, provided that the costs of such inventory are borne by the assignee and are not charged as a Petroleum Cost.