LANGUAGE AND UNITS OF ACCOUNTS. 1.3.1. All books of account shall be maintained in the English language and in United States dollars. Where necessary for clarification, the Contractor may also maintain accounts and records in other language and currencies, provided that such accounts and records shall be prepared in accordance with US GAAP accounting rules and shall be consistent with the generally accepted standards of the international petroleum industry.
LANGUAGE AND UNITS OF ACCOUNTS. 1.3.1 All books and accounts shall be maintained in the English language, US dollars and Somali Shillings, provided that the US dollar accounts will prevail in case of conflict. Where necessary for clarification, the Contractor may also maintain accounts and records in other language and currencies.
LANGUAGE AND UNITS OF ACCOUNTS. (a) Accounts shall be maintained in Turkmenistan Manats and in United States Dollars; however, the United States Dollar shall prevail for the purpose of this Agreement. Metric units and Barrels shall be employees for measurements requires under this Annex D. The language employees shall be . Where necessary for clarification, Contractor may also maintain accounts and records in other languages, units of measurements and currencies.
LANGUAGE AND UNITS OF ACCOUNTS. All books and accounts shall be maintained in the English language, US dollars and Somali Shillings, provided that the US dollar accounts will prevail in case of conflict. Where necessary for clarification, the Contractor may also maintain accounts and records in other language and currencies. It is the intent of this Accounting Procedure that neither the Federal Government nor the Contractor should experience an exchange gain or loss at the expense of, or to the benefit of, the other. However, should there be any gain or loss from exchange of currency, it shall be credited or charged to the accounts under the Agreement. Audits and inspection rights of the Federal Government The Federal Government, upon [30] days advance written notice to the Contractor, shall have the right, at its sole expense, to audit the Joint Account and related records for any Calendar Year or portion thereof within the seven Calendar Years period following the end of such Calendar Year. Notice of any exception to the Contractor's accounts of any Calendar Year must be submitted to the Contractor within eight Calendar Years from the end of such Calendar Year. For purposes of auditing, the Federal Government may examine and verify, at reasonable times, all charges and credits relating to the Petroleum Operations such as books of account, accounting entries, Material records and inventories, vouchers, payrolls, invoices and any other documents, correspondence and records necessary to audit and verify the charges and credits. Furthermore, the auditors shall have the right in connection with such audit, to visit and inspect at reasonable times, all sites, plants, facilities, warehouses and offices of the Contractor directly or indirectly serving the Petroleum Operations including visiting personnel associated with those operations. All agreed adjustments resulting from an audit shall be rectified promptly in the Contractor's accounts, and any consequential adjustments to payments due to the Contractor or the Federal Government, as the case may be, shall be made promptly. Any unresolved dispute arising in connection with an audit shall be referred to arbitration in accordance with clause 47. of the Agreement, and until such dispute is resolved the Contractor shall maintain the relevant documents in connection with such unresolved dispute and shall permit inspection thereof. Notwithstanding anything to the contrary in the Agreement, disputes relating to tax shall be resolved through the ta...
LANGUAGE AND UNITS OF ACCOUNTS. (a) Accounts shall be maintained in Turkmenistan Manats and in United States Dollars; however, the United States Dollar shall prevail for the purpose of this Agreement. Metric units and Barrels shall be employees for measurements requires under this Annex D. The language employees shall be _________________ . Where necessary for clarification, Contractor may also maintain accounts and records in other languages, units of measurements and currencies. (b) It is the intent of this Accounting Procedure that neither Competent Body nor Contractor should experience an exchange gain or loss at the expense of, or to the benefit of, the other. However, should there be any gain or loss from exchange of currency, it will be credited or charged to the accounts under this Agreement. (i) Amounts received and costs and expenditures made in Turkmenistan Manats, United States Dollars or any other currency shall be converted into Turkmenistan Manats or Unites states Dollars, as the case may be, on the basis of the average of the buying and selling exchange rates between the currencies in question as published by the Central Bank of Turkmenistan, prevailing on the last Business Day of the Calendar Month preceding the Calendar Month in which such amounts are received and costs and expenditures are paid. (ii) In the event of an increase or decrease, one time or accumulative, of five per cent (5%) or more in the rates of exchange between the Turkmenistan Manat, the United States Dollar or the currency in question, during any given Calendar Month, the following rates will be use: (1) For the period from the first of the Calendar Month to the day when such increase or decrease is first reached, the average of the official buying and selling exchange rates between the United States Dollar, Turkmenistan Manat or the currency in question as issued on the last day of the previous Calendar Month. (2) For the period from the day on which such increase or decrease is first reached to the end of the calendar Month, the average of the official buying and selling exchange rates between the United States Dollar, the Turkmenistan Manat or the currency in question as issued on the day on which such increase or decrease is reached. (3) A record of the exchange rates used in converting Turkmenistan Manats, United States Dollars or any other Currency hereunder shall be maintained by Contractor. 1.4 Payments (a) All payments between the parties shall, unless other wise agreed, be in United States ...
LANGUAGE AND UNITS OF ACCOUNTS. (a) Accounts shall be maintained in Uganda Shillings and in USD. However, the USD accounts will prevail in case of conflict. Metric units and Barrels shall be employed for measurements required under this Annex B. The language employed shall be English.
