PSC Costs definition

PSC Costs means expenditures made and obligations incurred in carrying out Petroleum Operations under the Yapen PSC as determined in accordance with the Accounting Procedure attached thereto as Exhibit "C" which shall by definition be included within JV Costs. PSC Costs shall include Operating Costs; Capital Costs and Non-Capital Costs as defined in both the PSC and JV Accounting Procedures.
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PSC Costs mean all costs, excluding Corporate Overhead, incurred by PSC in the performance and provision of the Services pursuant to this EPI Agreement. To be chargeable to SBC, costs shall, unless otherwise mutually agreed, be accounted for using (i) generally accepted accounting principles, and (ii) using reasonable cost accounting practices. "Corporate Overhead" means the costs of the Office of PSC Chairman, Office of the PSC CEO and President, Office of the Global Financial Services Industry, and the corporate (as contrasted with SBC Account) costs of the Marketing, Finance, HR, Legal, Internal Audit, Travel, Sales Procurement, Real Estate, Internal Systems and Recruiting Departments, all to the extent such costs are for the general support of PSC on a corporate-wide basis, and not for the direct support of providing the Services pursuant to this EPI Agreement where such direct support costs are allocated on a use, consumption or incurrence of cost basis. SBC will notify PSC within nine (9) months of receipt by SBC of any invoice containing a cost item that SBC reasonably believes to be of a class or character (but not an amount) that SBC or a third Person similarly situated with PSC could not reasonably be expected to incur in performing the Services. Such written notice will set forth the basis for SBC's belief in reasonable detail. SBC and PSC will discuss the issues raised in such notice for a period of up to thirty (30) days following its delivery to PSC, and if not resolved during the first twenty (20) days of such period, there will be a meeting between the CEO of Pero▇ ▇▇▇tems and the Operational Manager of SBC prior to the end of such thirty (30) day period. Any dispute between PSC and SBC with respect to the foregoing that is not mutually resolved by PSC and SBC within such thirty (30) day period will be resolved in accordance with Section 7.4 of the Master Operating Agreement with the "arbitration panel" referred to in that Section being one of the six (6) largest internationally recognized firms of public accountants. PSC Costs will include:
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Examples of PSC Costs in a sentence

  • The PSC and the PSC Accounting Procedure define three specific types of costs particularly meaningful with regard to the PSC Costs which are subject to cost recovery as defined and described in the PSC.

  • All charges to SBC will be invoiced in the currency of the country or countries, as the case may be, in which the PSC Costs related to the charges were incurred, and SBC will pay those PSC charges in the currency so denominated.

  • The PSC Costs Budget and the Equipment and Facilities Budget will be established in accordance with Appendix 1 to this Schedule F.

  • At the end of each calendar quarter during a Budget Period, PSC and SBC will jointly review (i) the Equipment and Facilities Budget and (ii) the PSC Costs Budget, by comparing the budgeted Monthly Run Rate and Monthly Capital Rate for that Budget Period to the actual monthly costs incurred during that Budget Period for each expense category reflected in the PSC Costs Budget or the Equipment and Facilities Budget, as applicable.

  • Subject to Section 8 of this Appendix, if PSC desires to make any changes to either the PSC Costs Budget or the Equipment and Facilities Budget, PSC will first obtain the prior approval of SBC.

  • Contractor deficiencies which the County determines are severe or continuing and that may place performance of the Master Agreement in jeopardy if not corrected will be reported to the Board of Supervisors.

  • Either party may request that adjustments occur more often than quarterly to take into account significant differences between actual PSC Costs and the Monthly Run Rate.

  • All costs incurred by PSC in providing this ongoing assistance will be PSC Costs in addition to those reflected in the 2000 PSC Costs Budget.

  • PSC, on an annual basis, will update and provide to SBC a twelve (12) month operational plan for the Services to be provided by PSC under this Agreement, which will include plans for reducing PSC Costs and will establish suggested Performance Metrics for the Services.

  • Additionally, and notwithstanding anything else in this EPI Agreement to the contrary, SBC will pay PSC in accordance with Schedule F, including the quarterly adjustment provisions thereof, for any Services required to be provided and which are provided by PSC to the SBC Warburg Division whether the amounts for those Services are or are not included in a PSC Costs Budget.