Common use of Recoverable and Allowable Costs Under the Contract Clause in Contracts

Recoverable and Allowable Costs Under the Contract. The costs incurred by the CONTRACTOR on Petroleum Operations pursuant to the Contract as classified under the headings referred to in Article II shall be cost recoverable and allowable for purposes of the Contract except to the extent provided in Article III.4 or anywhere in this Accounting Procedure, subject to audit as provided for herein.