Rt-1 definition
Examples of Rt-1 in a sentence
During the exploration stage, the Contractor will send, within thirty days after the end of each period, a detailed monthly statement of the revenues and expenses accounts for factor Rt-1, corresponding to that period.
The applicable price will be revised each year on January 1st, in accordance with the following formula: R(t) = R(t-1)* S(t) / S(t-1) where: - R(t) represents the reviewed price to be applied from the next January 1st.
For purposes of determining factor Rt-1, the Contractor will carry a special accounting system to register, in dollars, the revenues earned and the expenses made, as related to the Agreement’s operations.
This system will comprise two main accounts: the factor Rt-1 revenues account and the factor Rt-1 expenses account.
Subsequently, the Contractor will send PERUPETRO, within fifteen (15) days after the end of the month of January and July of every calendar year, a detailed monthly statement of the factor Rt-1 revenues and expenses accounts for the prior half-year.
The formula applicable to this paragraph 14 is: where: Rt is the relevant value in the Relevant Year t; Rt-1 is the relevant value in the Relevant Year t-1; CPIt-1 means the CPI published or determined with respect to the month of November in Relevant Year t-1; and CPIt-2 means the CPI published or determined with respect to the month of November in Relevant Year t-2.
If the contractor performs other activities in addition to those foreseen in the agreement or has signed with PERUPETRO more than one agreement, the cost for the technical and administrative personnel, administrative office maintenance expenses, warehouse operation expenses and cost, as well as other indirect expenses and cost will be charged against the factor Rt-1 expense account on a proportional basis pursuant to a policy previously proposed by the contractor and accepted by PERUPETRO.
Materials and equipment bought by the contractor will be recorded in the factor Rt-1 expenses account pursuant to the provisions below: · Materials and equipment (Condition A): Condition A new materials and equipment are those that may be used without any refurbishing and will be registered at the price appearing in the commercial invoice plus generally accepted accounting costs, including additional importation costs, if applicable.
Factor Rt-1: Is the quotient between the revenues and expenditures accumulated from the Date of Signing until period t-1, inclusive.
If the contractor chose to use the method described under heading 8.3.2 to calculate the royalty, it will submit to PERUPETRO, within thirty (30) days after the date of statement of commercial discovery, a detailed monthly statement of the factor Rt-1 revenues and expenses accounts for the period running between the last statement submitted until the previous year’s month of July or December, as appropriate.