Common use of RECORDS AND VALUATION OF ASSETS Clause in Contracts

RECORDS AND VALUATION OF ASSETS. The Contractor shall keep correct, accurate and detailed records of all property used for Petroleum Operations under the Contract in accordance with generally accepted practice of the international petroleum industry.

RECORDS AND VALUATION OF ASSETS. The Contractor shall keep correct, accurate and maintain detailed records of all property used in use for the Petroleum Operations under the Contract in accordance with generally accepted normal practice in exploration and production activities of the international petroleum Petroleum industry.. The Contractor shall notify the Minister annually in writing of all assets acquired and all assets disposed of during the preceding twelve (12)