Language and Units of Account Sample Clauses

Language and Units of Account. All accounts, records, books, reports and Statements shall be maintained and prepared in the English language using mercantile basis of accounting. The accounts shall be maintained in United States Dollars, which shall be the controlling currency of account for cost recovery, and profit sharing purposes. Metric units and Barrels shall be employed for measurements required under the Contract. Where necessary for clarification, the Contractor may also maintain accounts and records in other languages, currencies and units.

Language and Units of Account. (a) Metric units and barrels shall be employed for measurements and quantities under this Agreement. (b) The Accounting Records, and all reports to the Designated Authority, will be in English. (c) The Accounting Records, and all reports to the Designated Authority, will be in United States Dollars. Costs and revenues in another currency will be translated at the exchange rate set on the day the cost is incurred or the revenue realised at a time and by a financial institution designated by the Contractor and approved by the Designated Authority. (d) Exchange gains or losses will be credited or charged to the Accounting Records.

Language and Units of Account a. Accounts shall be maintained in Uganda Shillings and in United States Dollars; however, the United States Dollar accounts will prevail in case of conflict. Metric units and Barrels shall be employed for measurements required under this Annex. The language employed shall be English, Where necessary for clarification. Licensee may also maintain accounts and records in other languages, units of measurement and currencies. b. It is the intent of this accounting and Financial Procedure that neither the Government nor Licensee should experience an exchange gain or loss at the expense of or to the benefit of, the other. However, any gain or ▇▇▇▇ resulting from the exchange of currency, will be credited or charged to the accounts. i. Amounts received and costs and expenditures made in Uganda Shillings, United States Dollars or any other currency shall be converted into Uganda Shillings or United States Dollars, as the case may be, on the basis of the average of the buying and selling exchange rates between the currencies in question as published by Bank of Uganda, prevailing on the last Business Day of the Calendar Month preceding the Calendar Month in which such amounts are received and costs and expenditures are paid. ii. In the event of an increase or decrease, one time or accumulative, often percent (10%) or more in the rates of exchange between the Uganda Shilling, the United States Dollar or the currency in question, during any given Calendar Month, the following rates will be used: 1. For the period from the first of the Calendar Month to the day when such increase or decrease is first reached, the average of the official buying and selling exchange rates between the United States Dollar, Uganda Shilling or the currency in question as issued, on the last day of the previous Calendar Month. 2. For the period from the day on which such increase or decrease is first reached to the end of the Calendar Month, the average of the official buying and selling exchange rates between the United States Dollar, the Uganda Shilling or the currency in question as issued on the day on which such increase or decrease is reached. 3. A record of the exchange rates used in converting Uganda Shillings, United- states Dollars or any other currency hereunder shall be maintained by Licensee.

Language and Units of Account. All Accounts shall be maintained and prepared in the English language and shall be recorded in Dollars. Where necessary for clarification, the CONTRACTOR may also maintain Accounts in other currencies.

Language and Units of Account. Unless otherwise decided by the Operating Committee, the accounting, records and reports shall be prepared and maintained in English, using the U.S. Dollar as the currency of account.

Language and Units of Account. (a) Accounts shall be maintained in Euro. Metric units and barrels shall be employed for measurements required under the Agreement. The language employed shall be Greek and English. While such currency, language and units of measurement shall prevail in the event of conflict or inconsistency, the Lessee shall also maintain accounts and records in other currencies, languages and units of measurement where the Lessee considers it administratively necessary or desirable. (b) It is the intent of this Accounting Procedure that neither the Lessor nor the Lessee should experience an exchange gain or loss at the expense of, or to the benefit of, the other. However, should there be any realized gain or loss from exchange of currency (i.e. where the rate of exchange used for the conversion of expenses or revenues into Euro, which is the currency in which the statements are maintained differs from the rate used upon payment or receipt of those expenses or revenues respectively), this will be credited or charged to the accounts under the Agreement. (c) Debits and credits relating to expenses and revenues in currencies other than the currency in which the books are maintained shall be converted in Euro at the applicable rate of exchange of the foreign currency using the average of the official buying and selling rates as issued by the European Central Bank set on the day the expense or the revenue is incurred. A separate record shall be kept by the Lessee of the exchange rates used in each conversion.

Language and Units of Account. (a) Metric units and barrels shall be employed for measurements and quantities under this Agreement. (b) The Accounting Records, and all reports to the Designated Authority, will be in English. (c) The Accounting Records, and all reports to the Designated Authority, will be in United States Dollars. Costs and revenues in another currency will be translated at the exchange rate set on the day the cost is incurred or the revenue realised at a time and by a bank designated by the Designated Authority.

Language and Units of Account. Accounts shall be maintained in United States dollars and such other currency as may be required under the applicable law. For cost recovery purposes, the currency of reference shall be the US Dollar. Metric units and barrels shall be employed for measurements required under this Annex. Concessionaires may, subject to the authorization of the Minister responsible for the area of Finance, opt for the use of US dollars as presentation currency, and this option shall not be changed during the life of the project provided that: the investments realised are equivalent or in excess of United States Dollars 500,000,000.00. Such investments are deemed to include all costs incurred as per the Cost Recovery Statement, and at least 90 per cent of the Concessionaire’s transactions are carried out in United States Dollars. The currency of the transactions is deemed to be the payment currency for the transactions. Once the authorization of the Minister responsible for the area of Finance has been obtained, the accounting considered will be those in US Dollars, from the effective date of the Contract, and there is no need to convert the accounts in Meticais to US Dollars For the purposes of the preceding paragraph, the Concessionaire shall submit, since the effective date, to the competent entities of the Government the accounting in Meticais and in US Dollars The language used will be English and any other language that may be required under applicable law. When necessary, for clarification, the Concessionaire may also maintain accounts and records in other languages, units of measurement and currencies. These Accounting and Financial Procedures are intended to ensure that neither the Government nor the Concessionaire obtain any gain or suffer any loss from the exchange rate variation to the detriment or benefit of the other. However, should any gain or loss occur as a result of a currency conversion, it will be credited or debited to accounts under the EPCC. Amounts received and costs and expenditures made in Mozambican Meticais or in United States dollars shall be converted from Mozambican Meticais into United States dollars or from United States dollars into Mozambican Meticais on the basis of the average of the buying and selling exchange rates between the currencies in question as published by Banco de Moçambique or in accordance with the applicable law, prevailing on the actual day of the transaction on which such amounts are received and costs and expenditures ar...

Language and Units of Account. (a) The International System of Units (metric units), along with cubic feet and barrels shall be employed for measurements and quantities under this Contract. (b) The Accounting Records, and all reports to the Ministry, will be in one of the official languages of Timor-Leste. These records and reports may be in English, if an official translation in one of the official languages of Timor-Leste is provided. (c) The Accounting Records, and all reports to the Ministry, will be in United States Dollars. Costs and revenues in another currency will be translated at the exchange rate set on the Day the cost is incurred, or the revenue realised, at a time and by a financial institution designated by the Contractor and approved by the Ministry. (d) Exchange gains or losses charged to the Accounting Records shall be in accordance with Clause 2.8 (b). Clause 2 – Classification and Allocation