Statements and Bxxxxxxx. Unless otherwise agreed by the Parties, Paltar shall submit monthly to Nation, on or before the 15th day of each month, statements of the costs and expenditures incurred during the prior month, indicating by appropriate classification the nature thereof and the corresponding budget category.
1.5.1 These statements, as a minimum, shall contain the following information:
(i) advances of funds setting forth the currencies received from Nation;
(ii) the share of Nation in total expenditures, if other than 100%;
(iii) the accrued expenditures;
(iv) the current account balance of Nation;
(v) summary of costs, credits, and expenditures on a current month, year-to-date, and inception-to-date basis or other periodic basis, as agreed by the Parties (such expenditures shall be grouped by the categories and line items designated in the approved Work Program and Budget so as to facilitate comparison of actual expenditures against that Work Program and Budget), and
(vi) details of unusual charges and credits in excess of fifty thousand Australian dollars (A $50,000.00).
1.5.2 Paltar shall, upon request, furnish a description of the accounting classifications used by it.
1.5.3 Amounts included in statements and bxxxxxxx shall be expressed in Australian currency and reconciled to the currencies advanced.
1.5.4 Each Party shall be responsible for preparing its own accounting and tax reports to meet the requirements of the Country of Operations and of all other countries to which it may be subject. Paltar, to the extent that the information is reasonably available from the Operating Account records, shall provide Nation in a timely manner the necessary information to facilitate the discharge of such responsibility.
Statements and Bxxxxxxx. The Operator shall, by invoice, charge each party with its proportionate share of Exploration Costs and Mine Costs in the manner provided in the Agreement.
Statements and Bxxxxxxx. The Manager shall prepare statements and bxxx the Participants as provided in Article X of the Agreement. Payment of any such bxxxxxxx by either Participant, including the Manager, shall not prejudice such Participant’s right to protest or question the correctness thereof for a period not to exceed twelve (12) months following the calendar year during which such bxxxxxxx were received by such Participant. All written exceptions to and claims upon the Manager for incorrect charges, bxxxxxxx or statements shall be made upon the Manager within such twelve (12) month period. The time period permitted for adjustments hereunder shall not apply to adjustments resulting from periodic inventories as provided in Paragraphs 5.1 and 5.2.
Statements and Bxxxxxxx. Operator shall bxxx Non-Operators on or before the last day of each month for their proportionate share of the Joint Account for the preceding month. Such bills will be accompanied by statements which identify the authority for expenditure, lease or facility, and all charges and credits, summarized by appropriate classifications of investment and expense except that items of Controllable Material and unusual charges and credits shall be separately identified and fully described in detail.
Statements and Bxxxxxxx. The Joint Venture as agent for the Parties shall bxxx each of the Parties on or before the last day of each calendar month for its proportionate share of Project Expenditures and expenses for the preceding calendar month. Such bills will be accompanied by statements reflecting all charges and credits to the Joint Account, summarized by appropriate classifications indicative of the nature thereof. Expenditures for tangible assets and unusual charges will be detailed, including copies of invoices where appropriate.
Statements and Bxxxxxxx. 1.5.1 Unless otherwise agreed by the Parties, Operator shall submit monthly to each Party, on or before the 25th Day of each month, statements of the costs and expenditures incurred during the prior month, indicating by appropriate classification the nature thereof and the corresponding budget category, and the portion of such costs charged to each of the Parties. These statements, as a minimum, shall contain the following information:
(A) Advances received from each Party
(B) the share of each Party in total expenditures,
(C) the accrued expenditures,
(D) the current account balance of each Party
(E) a summary of costs, credits, and expenditures on a current month, year-to-date, and inception-to-date basis or other periodic basis, as agreed by Parties (such expenditures shall be grouped by the categories and line items designated in the approved Work Program and Budget submitted by Operator in accordance with Article 6.4 of the Agreement so as to facilitate comparison of actual expenditures against that Work Program and Budget), and
(F) details of unusual charges and credits in excess of ten thousand Dollars ($10,000).
1.5.2 Operator shall provide the Parties with annual financial statements (prepared in accordance with IFRS) within forty five (45) days after the end of each fiscal year, audited by an internationally recognized independent public accounting firm; and with unaudited, quarterly financial statements (prepared in accordance with generally accepted accounting practices used in the international petroleum industry and any applicable statutory obligations of the Country of Operations) within thirty (30) days after the end of each calendar quarter reviewed by an internationally recognized independent public accounting firm. The abovementioned accounting firm shall provide the Non-Operators' auditors all documents, including comfort letter, questionnaires, etc.. in accordance with accepted auditing standards. The cost of providing the financial statements shall be charged to the Joint Account.
1.5.3 Unless otherwise agreed by the Parties, Operator shall submit to each Party, on or before the 30th day after the end of each calendar quarter, statements of changes in Advances, expenditures and credits, made, incurred or due to each Party from the Joint Operations, including
(A) Advances received from each Party during such calendar quarter and cumulatively from the beginning of the calendar year;
(B) The share of each Party in total expenditures incu...
Statements and Bxxxxxxx. (A) Unless otherwise agreed by the Parties, Operator shall render monthly to all the Parties, by the twenty fifth (25th) day of each Month, a billing statement of the costs and expenditure incurred during the prior Month, indicating by appropriate classification the nature thereof and the portion of such costs charged to each of the Parties. These statements shall contain the following information:
(a) advances of funds setting forth the currencies received from each Party;
(b) the share of each Party in total expenditures on a cash and accrual basis;
(c) the current cash balance of each Party; and
(d) a summary of costs, credits and expenditure on current month, year to date, and inceptions to date basis or other periodic basis, as agreed by the Parties for each activity of the Approved Work Programme and Approved Budget.
(B) Each Party shall be responsible for preparing its own accounting and tax reports to meet the requirements of India and other applicable countries. Operator, to the extent that the information is reasonably available from the Joint Account records, shall provide in a timely manner, Non-Operators with the necessary statements to facilitate the discharge of such responsibility.
(C) The "cash" rather than "accrual" basis for accounting shall be used in charging the Joint Account. "Cash" basis as used herein means that expenditures for the Joint Operations are regarded as applicable to the period in which cash disbursements are made, whereas "accrual" basis means that expenses are regardless of when paid. For Non-Operator's internal accounting purposes, the Operator shall reflect accruals applicable to the Joint Account as memorandum items.
Statements and Bxxxxxxx. The Manager shall prepare statements and bxxx the Participants as provided in Article X of the Agreement. Payment of any such bxxxxxxx by either Participant, including the Manager, shall not prejudice such Participant’s right to protest or question the correctness thereof as provided in the Agreement. All written exceptions to and claims upon the Manager for incorrect charges, bxxxxxxx or statements shall be made upon the Manager within the period established by Section 10.6 of the Agreement. The time period permitted for adjustments hereunder shall not apply to adjustments resulting from periodic inventories as provided in Paragraphs 5.1 and 5.2.
Statements and Bxxxxxxx. The Manager shall prepare statements and bxxx the Members as provided in Article XI. Payment by either Member or the Manager of any such billing shall not prejudice such Member's or the Manager's, as the case may be, right to protest or question the correctness thereof for a period not to exceed twenty-four (24) months following the end of the calendar year during which such bxxxxxxx were received by such Member or the Manager. All written exceptions to and claims upon the Manager for incorrect charges, bxxxxxxx or statements shall be made within such twenty-four (24) month period. The time period permitted for adjustments hereunder shall not apply to adjustments resulting from periodic inventories as provided in Paragraphs 5.1 and 5.2 of this Exhibit B. EXHIBIT B Page 1 of 8
Statements and Bxxxxxxx. The Manager shall prepare statements and bxxx the Members as provided in the Agreement. Payment of any billing by a Member (including the Manager) shall not prejudice such Member’s right to protest or question the correctness thereof for up to twenty-four (24) months after the date the billing was received by the Member. Subject to Section 6.13 of the Agreement, all written exceptions to and claims upon the Manager for incorrect charges, bxxxxxxx or statements shall be made upon the Manager within such twenty-four (24) month period. The time period permitted for adjustments hereunder shall not apply to adjustments resulting from periodic inventories as provided in Article V.
