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.
Appears in 7 contracts
Sources: Production Sharing Contract, Production Sharing Contract, Production Sharing Contract