Common use of Financial Statements and Reporting Clause in Contracts

Financial Statements and Reporting. 39.1 The Developer shall make arrangements with respect to the installation and operation of an accounting and cost control system and for the appointment of auditors from a firm of reputable independent accountants. 39.2 All books of account of the Developer shall be kept in accordance with applicable [COUNTRY] laws and regulations. 39.3 The Developer shall, as soon as available but in any event within 90 days after the end of each financial year, furnish to the Grantor: (a) two copies of its complete financial statements for such financial year (which are in agreement with its books of accounts and prepared in accordance with international accounting standards consistently applied), together with an audit report thereon; and (b) a copy of any management letter or other communication sent by the independent auditors to the Developer or to its management in relation to the Developer's financial, accounting and other systems, management and accounts. 39.4 The Developer shall, as soon as available but in any event within sixty 60 days of the end of each six month period of each financial year furnish to the Grantor: (a) two copies of the Developer's complete financial statements for such six month period, all in accordance with international accounting standards consistently applied, and, if requested, certified by an officer of the Developer; (b) a report on any factors materially and adversely affecting or which might materially and adversely affect the Developer's business and operations or its Financial Position; and (c) a report on the implementation and progress of the Project, containing such information as the Grantor may reasonably require and disclosing any factors of which the Developer is aware which materially and adversely affect, or which would be likely materially and adversely to affect, the carrying out of the Project. 39.5 The Developer shall promptly notify the Grantor of any material change in its management and organization structure and arrangements for the supervision of the Construction Works or the O&M Works.

Financial Statements and Reporting. 39.1 The Developer shall make arrangements with respect to the installation and operation of an accounting and cost control system and for the appointment of auditors from a firm of reputable independent accountants. 39.2 All books of account of the Developer shall be kept in accordance with applicable [COUNTRY] Jamaican laws and regulations. 39.3 The Developer shall, as soon as available but in any event within 90 days after the end of each financial year, furnish to the Grantor: (a) two copies of its complete financial statements for such financial year (which are in agreement with its books of accounts and prepared in accordance with international accounting standards consistently applied), together with an audit report thereon; and (b) a copy of any management letter or other communication sent by the independent auditors to the Developer or to its management in relation to the Developer's financial, accounting and other systems, management and accounts. 39.4 The Developer shall, as soon as available but in any event within sixty 60 days of the end of each six month period of each financial year furnish to the Grantor: (a) two copies of the Developer's complete financial statements for such six month period, all in accordance with international accounting standards consistently applied, and, if requested, certified by an officer of the Developer; (b) a report on any factors materially and adversely affecting or which might materially and adversely affect the Developer's business and operations or its Financial Position; and (c) a report on the implementation and progress of the Project, containing such information as the Grantor may reasonably require and disclosing any factors of which the Developer is aware which materially and adversely affect, or which would be likely materially and adversely to affect, the carrying out of the Project. 39.5 The Developer shall promptly notify the Grantor of any material change in its management and organization structure and arrangements for the supervision of the Construction Works or the O&M Works.