Monetary Unit Sample Clauses
The Monetary Unit clause defines the specific currency in which all financial transactions, payments, and obligations under the agreement will be measured and settled. Typically, this clause specifies whether amounts are to be paid in U.S. dollars, euros, or another agreed-upon currency, and may address how currency conversions are handled if parties operate in different countries. By clearly establishing the monetary unit, this clause eliminates ambiguity regarding payment terms and helps prevent disputes related to currency fluctuations or misunderstandings about the value of contractual amounts.
Monetary Unit. 4 The monetary unit used in the Acts of the Union shall be the accounting unit of the International Monetary Fund (IMF).
Monetary Unit. 24.1 The registers and accounting books relating to this Contract shall be maintained and recorded in Dollars. Said registers and accounting books shall be used to determine the Petroleum Costs, gross income, exploitation costs and net profits for the purpose of the preparation of the Contractor’s tax return; they shall contain, inter alia, Contractor’s accounts showing the sales of Petroleum under this Contract.
24.2 Whenever it is necessary to convert into Dollars expenses and incomes expressed in another currency, the exchange rates to be used shall be equal to the arithmetic average of the daily closing rates for the purchase and sale of said currency during the month when the expenses were paid and the income received.
24.3 The originals of the registers and accounting books referred to in Article 24.1 shall be kept in Liberia. The registers and accounting books shall be supported by detailed Documents with respect to receipts and Petroleum Costs.