Common use of Payments and Accounting Clause in Contracts

Payments and Accounting. Except as otherwise specifically provided, Operator shall promptly pay and discharge expenses incurred in the development and operation of the Contract Area pursuant to this agreement and shall charge each of the Parties hereto with their respective proportionate shares upon the expense basis provided in Exhibit "B". Operator shall keep an accurate record of the joint account hereunder, showing expenses and charges and credits made and received. Operator may request advance payment of estimated expenses. If any party fails to pay its share of said estimated expenses within the time specified, the amount due shall bear interest as provided in Exhibit "B". Such request shall include a detail listing of the expenses to be covered by the advance payment. Exhibit "B" shall detail the accounting procedures for the Contract Area.

Payments and Accounting. Except as otherwise specifically provided, Operator shall promptly pay and discharge expenses incurred in the development and operation of the Contract Area pursuant to this agreement and shall charge each of the Parties hereto with their respective proportionate shares upon the expense basis provided in Exhibit "B". B. Operator shall keep an accurate record of the joint account hereunder, showing expenses and charges and credits made and received. Operator may request advance payment of estimated expenses. If any party fails to pay its share of said estimated expenses within the time specified, the amount due shall bear interest as provided in Exhibit "B". Such request shall include a detail listing of the expenses to be covered by the advance payment. Exhibit "B" shall detail the accounting procedures for the Contract Area.