Common use of Periodic Inventories, Notice and Representation Clause in Contracts

Periodic Inventories, Notice and Representation. At reasonable intervals, but at least annually, inventories shall be taken by Operator of all Materials on which detailed accounting records are normally maintained. The expense of conducting periodic inventories shall be charged to the Joint Account. Operator shall give Non-Operators written notice at least thirty (30) Days in advance of its intention to take inventory׳, and Non-Operators, at their sole cost and expense, shall each be entitled to have a representative present. Hie failure of any Non- Operator to be represented at such inventory shall bind such Non-Operator to accept the inventory taken by Operator, who shall in that event furnish each Non-Operator with a reconciliation of overages and shortages. Inventory adjustments to the Joint Account shall be made for overages and shortages. Any adjustment equivalent to ten thousand Dollars ($10,000) or more shall be brought to the attention of the Operating Committee.

Periodic Inventories, Notice and Representation. At reasonable intervals, but at least annually, inventories shall be taken by Operator of all Materials Material held in warehouse stock on which detailed accounting records are normally maintained. The expense of conducting periodic inventories shall be charged to the Joint Account. Operator shall give Non-Operators written notice at least thirty sixty Days (3060) Days in advance of its intention to take inventory׳inventory, and Non-Operators, at their sole cost and expense, shall each be entitled to have a representative present. Hie The failure of any Non- Non-Operator to be represented at such inventory shall bind such Non-Operator to accept the inventory taken by Operator, who shall in that event furnish each Non-Operator with a reconciliation of overages and shortages. Inventory adjustments to the Joint Account shall be made for overages and shortages. Any adjustment equivalent to ten thousand Dollars (U.S. $10,000) 500,000 or more shall be brought to the attention of the Operating Committee.

Periodic Inventories, Notice and Representation. At reasonable intervals, but at least annually, inventories shall be taken by Operator of all Materials on which detailed accounting records are normally maintained. The expense of conducting periodic inventories shall be charged to the Joint Account. Operator shall give Non-Operators written notice at least thirty (30) Days in advance of its intention to take inventory׳inventory, and Non-Operators, at their sole cost and expense, shall each be entitled to have a representative present. Hie The failure of any Non- Non-Operator to be represented at such inventory shall bind such Non-Operator to accept the inventory taken by Operator, who shall in that event furnish each Non-Operator with a reconciliation of overages and shortages. Inventory adjustments to the Joint Account shall be made for overages and shortages. Any adjustment equivalent to ten thousand Dollars ($10,000) or more shall be brought to the attention of the Operating Committee.

Periodic Inventories, Notice and Representation. At Operator shall take at reasonable intervals, but at least annually, inventories shall be taken by Operator of all Materials Material held in warehouse stock on which detailed accounting records are normally maintained. The Operator shall charge the expense of conducting periodic inventories shall be charged to the Joint Account. Operator shall give Non-Operators written notice at least thirty (30) 60 Days in advance of its intention to take inventory׳inventory, and Non-Operators, at their sole cost and expense, shall each be entitled to have a representative present. Hie failure of If any Non- Non-Operator fails to be represented at such inventory shall bind the inventory, such Non-Operator shall be bound to accept the inventory taken by Operator, who . Operator shall in that any event furnish each Non-Operator with a reconciliation of overages and shortages. Inventory shortages and charge any inventory adjustments for overages and shortages to the Joint Account shall be made for overages and shortagesAccount. Any adjustment equivalent equal to ten thousand Dollars (U.S. $10,000) 500,000 or more shall be brought to the attention of the Operating Committee.

Periodic Inventories, Notice and Representation. At reasonable intervals, but at least annually, inventories shall be taken by Operator of all Materials Material held in warehouse stock on which detailed accounting records are normally maintained. The expense of conducting periodic inventories shall be charged to the Joint Account. Operator shall give Non-Operators written notice at least thirty (30) 60 Days in advance of its intention to take inventory׳inventory, and Non-Operators, at their sole cost and expense, shall each be entitled to have a representative present. Hie The failure of any Non- Non-Operator to be represented at such inventory shall bind such Non-Operator to accept the inventory taken by Operator, who . Operator shall in that any event furnish each Non-Operator with a reconciliation of overages and shortages. Inventory adjustments to the Joint Account shall be made for overages and shortages. Any adjustment equivalent to ten thousand Dollars (U.S. $10,000) 100,000 or more shall be brought to the attention of the Operating Committee.

Periodic Inventories, Notice and Representation. At Operator shall take at reasonable intervals, but at least annually, inventories shall be taken by Operator of all Materials Material held in warehouse stock on which detailed accounting records are normally maintained. The Operator shall charge the expense of conducting periodic inventories shall be charged to the Joint Account. Operator shall give Non-Operators Non‑Operators written notice at least thirty sixty (3060) Days in advance of its intention to take inventory׳inventory, and Non-OperatorsNon‑Operators, at their sole cost and expense, shall each be entitled to have a representative present. Hie failure of If any Non- Operator Non‑Operator fails to be represented at the inventory, such inventory Non‑Operator shall bind such Non-Operator be bound to accept the inventory taken by Operator, who . Operator shall in that any event furnish each Non-Operator Non‑Operator with a reconciliation of overages and shortages. Inventory shortages and charge any inventory adjustments for overages and shortages to the Joint Account shall be made for overages and shortagesAccount. Any adjustment equivalent equal to ten thousand Dollars ($10,000) US$250,000.00 or more shall be brought to the attention of the Operating Committee.

Periodic Inventories, Notice and Representation. At reasonable intervals, but intervals and at least annually, inventories shall will be taken by Operator of all Materials Material held in warehouse stock on which detailed accounting records are normally maintained. The expense of conducting periodic inventories shall will be charged to the Joint Account. Operator shall must give Non-Operators written notice Notice at least thirty sixty (3060) Days in advance of its intention to take inventory׳inventory, and Non-Operators, at their sole cost and expense, shall will each be entitled to have a representative presentpresent with related expenses to be charged to the Joint Account. Hie The failure of any Non- Non-Operator to be represented at such inventory shall will bind such Non-Operator to accept the inventory taken by Operator, who shall . Operator must in that any event furnish each Non-Operator with a reconciliation of overages and shortages. Inventory adjustments to the Joint Account shall will be made for overages and shortages. Any adjustment equivalent to ten thousand Dollars (USD $10,000) 500,000 or more shall be brought to the attention of the Operating Management Committee.

Periodic Inventories, Notice and Representation. At reasonable intervals, but at least annually, inventories shall be taken by Operator of all Materials Material held in warehouse stock on which detailed accounting records are normally maintained. The expense of conducting periodic inventories shall be charged to the Joint Account. Operator shall give Non-Operators written notice at least thirty (30) sixty Days in advance of its intention to take inventory׳inventory, and Non-Operators, at their sole cost and expense, shall each be entitled to have a representative present. Hie The failure of any Non- Non-Operator to be represented at such inventory shall bind such Non-Operator to accept the inventory taken by Operator, who . Operator shall in that any event furnish each Non-Operator with a reconciliation of overages and shortages. Inventory adjustments to the Joint Account shall be made for overages and shortages. Any adjustment equivalent to ten thousand Dollars (U.S. $10,000) 10,000 or more shall be brought to the attention of the Operating Committee.