Common use of Language and Units of Account Clause in Contracts

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. a. (a) Accounts shall be maintained in Uganda Shillings and in United States Dollars; however. However, the United States Dollar Dollars 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. (b) It is the intent of this accounting Accounting and Financial Procedure that neither the Government nor Licensee should experience an exchange gain or loss at the expense of of, or to the benefit of, the other. However, any gain or ▇▇▇▇ loss resulting from the exchange of currency, will be credited or charged to the accounts. i. (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 BusinessDay 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 of ten 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, 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 United States Dollars or any other currency hereunder shall be maintained by Licensee.