Common use of RECORDS AND VALUATION OF ASSETS Clause in Contracts

RECORDS AND VALUATION OF ASSETS. The Contractor shall maintain detailed records of property in use for the Petroleum Operations in accordance with normal practice in exploration and production activities of the international Petroleum industry. The Contractor shall notify the Minister annually in writing of all assets acquired and all

RECORDS AND VALUATION OF ASSETS. The Contractor shall maintain detailed records of property in use for the Petroleum Operations in accordance with normal best practice in exploration and production activities of the international Petroleum industry. The Contractor shall notify the Minister annually in writing of all assets acquired and allall assets disposed of during the preceding twelve (12)