Controllable Material definition

Controllable Material means Material which at the time is so classified in the Material Classification Manual as most recently recommended by the Council of Petroleum Accountants Societies.

Controllable Material means the Material referred to in the Accounting System described in Article 2.2 of this Accounting Procedure.

Controllable Material means material which in the petroleum industry usually is subject to record, control and inventory.

Examples of Controllable Material in a sentence

• A complete inventory shall be taken at reasonable intervals, and at least annually for warehouse stock, covering all Controllable Material charged to the Joint Account.

• At reasonable intervals, at least annually, inventories shall be taken by Contractor of all Controllable Material, and following each inventory, books and records shall be adjusted to reflect the results of the inventory.

• The Operator shall also include such other Material in the Controllable Material category as is considered desirable for operational or financial control purposes.

• The Licensee shall control the acquisition, location, storage and disposition of materials which are subject to accounting record control, physical inventory and adjustment for overages and shortages (hereinafter referred to as Controllable Material).

• Licensee shall conduct one physical inventory of the Controllable Material each Calendar Year which shall be completed prior to the end of the year.

More Definitions of Controllable Material

Controllable Material means material which the operator subjects to record control and inventory. A list of types of such material shall be furnished to the Government and non-operator(s);

Controllable Material means Material which the Operator subjects to record Control and inventory. A list of types of such Material shall be furnished to the Federal Government and Non-operator(s);

Controllable Material means the Material, which in the petroleum industry usually is subject to record, control and inventory.

Controllable Material means such Material which is ordinarily classified as Controllable Material, as that classification is determined or approved by the Management Committee, and controlled in mining operations.

Controllable Material means Material and Equipment which Contractor subjects to record control and inventory as so classified in the material classification manual as most recently recommended by the Council of Petroleum Accountants Societies (XXXXX).

Controllable Material shall be defined as set forth under the subparagraph selected below:

Controllable Material means Material that, at the time of acquisition or disposition by the Well Account, as applicable, is so classified in the Material Classification Manual most recently recommended by the Council of Petroleum Accountants Societies (XXXXX).