Common use of Major Accounts Clause in Contracts

Major Accounts. For the purpose of classifying costs, expenses and expenditures for Cost Recovery Petroleum as well as for the purpose of establishing when the Minimum Exploration Work Obligations have been met, costs, expenses and expenditures shall be recorded in major accounts including the following: Necessary sub-accounts shall be used. Revenue accounts shall be maintained by CONTRACTOR to the extent necessary for the control of recovery of costs and the treatment of Cost Recovery Petroleum.

Major Accounts. For the purpose of classifying costs, expenses and expenditures for Cost Recovery Petroleum as well as for the purpose of establishing when the Minimum minimum Exploration Work Obligations obligations have been met, costs, expenses and expenditures shall be recorded in major accounts including the following: Necessary sub-accounts shall be used. Revenue accounts shall be maintained by CONTRACTOR to the extent necessary for the control of recovery of costs and the treatment of Cost Recovery Petroleum.