Common use of Language and Units of Account Clause in Contracts

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. (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 financial institution designated by the Contractor and approved by the Designated Authority.