Reconciliation and Adjustment of Inventories. Reconciliation of an inventory with charges to the Joint Account shall be made and a list of overages and shortages shall be determined by the Operator. Inventory adjustment shall be made by the Operator to the Joint Account for overages and shortages, but the Operator shall be held accountable to the Parties only for shortages due to lack of reasonable diligence. Details of inventory on hand shall be provided to any Party upon request and costs associated with providing this information shall be a charge to the Party.
Appears in 5 contracts
Sources: Joint Operating Agreement (Geopetro Resources Co), Joint Venture Agreement (Geopetro Resources Co), Joint Operating Agreement (Geopetro Resources Co)