STATEMENTS REQUIRED TO BE SUBMITTED BY LICENSEE Sample Clauses

STATEMENTS REQUIRED TO BE SUBMITTED BY LICENSEE a. Within ninety (90) days of the Effective Date, Licensee shall submit to and discuss with the Government a proposed outline of charts of accounts, operating records and reports, which outline shall be in accordance with generally accepted and recognised accounting systems and consistent with normal practice of the international petroleum industry and the requirements of this Agreement. Within ninety (90) days of receiving the above submission, the Government shall either indicate its approval of the proposal or may request revisions to the proposal to the extent that such outline is not in accordance with generally accepted and recognised accounting systems and consistent with the normal practices of the international petroleum industry and the requirements of this Agreement. In the event that revisions are so requested by the Government, Licensee and the Government shall within one hundred and eighty (180) days after the Effective Date of the Agreement agree on the outline charts of accounts, operating records and reports which shall describe the basis of the accounting system and procedures to be developed and used under the Agreement. Following such agreement. Licensee shall expeditiously prepare and provide the Government with formal copies of the comprehensive charts of accounts related to the accounting, recording and reporting functions and allow the Government to examine Licensee's manuals and to review procedures which are, and shall be, observed under the Agreement.
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STATEMENTS REQUIRED TO BE SUBMITTED BY LICENSEE. 31.2.1 Within forty-five (45) days from the Effective Date, Licensee shall propose to the Director General an outline of the chart of accounts, operating records and reports to be prepared and maintained, which shall describe the basis of the accounting principles and procedures to be used during the term of the Licence and shall be consistent with normal practice of the international petroleum industry.
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STATEMENTS REQUIRED TO BE SUBMITTED BY LICENSEE. Within forty-five (45) days from the Effective Date, Licensee shall propose to the Director General an outline of the chart of accounts, operating records and reports to be prepared and maintained, which shall describe the basis of the accounting principles and procedures to be used during the term of the License, and shall be consistent with normal practice of the international petroleum industry. Within ninety (90) days of the receipt of such proposal the Director General shall either accept it or request such revisions as the Director General deems necessary. Failure to notify Licensee of any requested revisions within a ninety (90) day period shall be deemed acceptance of such proposal. Within one hundred and eighty (180) days from the Effective Date, the Parties shall either agree on such outline or submit any outstanding issue for determination by a Sole Expert pursuant to the Arbitration provisions of this License. Following agreement over the outline Licensee shall prepare and submit to the Director General formal copies of the chart of accounts relating to the accounting, recording and reporting functions listed in such outline. Licensee shall also permit the Director General to inspect its manuals and to review all procedures which are to be followed under the License. Without prejudice to the generality of the foregoing, Licensee shall make separate statements relating to Petroleum Operations for each Development and Production Area as follows:
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