Revision of the Accounting Procedure Clause Samples

Revision of the Accounting Procedure. This Accounting Procedure may be amended by written agreement signed by the Parties.

Revision of the Accounting Procedure. The rules contained in this Accounting Procedure may be modified by agreement between the Parties, indicating the date on which the modification will become effective.

Revision of the Accounting Procedure. 1.10.1 By mutual agreement between the Government and the Contractor, this Accounting Procedure may be revised from time to time, in writing, signed by the Parties, stating the date upon which the amendments shall become effective. 1.10.2 Following any Discovery of Petroleum in the Contract Area, the Parties shall meet in order to establish specific principles and procedures for identifying all costs, expenditures, receipts and income on a Development Area by Development Area (and if appropriate, separately for Oil and Associated Natural Gas within a Development Area) basis, it being understood that costs, expenditures, receipts and income which do not uniquely arise in respect of any one Development Area shall be apportioned between Development Area in a reasonable, equitable and consistent manner.

Revision of the Accounting Procedure. 1.10.1 By mutual agreement between the Government and the Contractor, this Accounting Procedure may be revised from time to time, in writing, signed by the Parties, stating the date upon which the amendments shall become effective. 1.10.2 Following any Commercial Assessment in the Contract Area, the Parties shall meet in order to establish specific principles and procedures for identifying all costs, expenditures, receipts and income, on a Field/Development Area by Field/Development Area basis, it being understood that costs, expenditures, receipts and income which do not uniquely arise in respect of any one Field/Development Area shall be apportioned between Fields/Development Area in a reasonable, equitable and consistent manner.