Article 24 records reports accounts and revenue audit

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ARTICLE 24 RECORDS, REPORTS, ACCOUNTS AND REVENUE AUDIT 24.1 The Contractor shall prepare and maintain in original at an office in India accurate and current books, records, reports and accounts of its activities for and in connection with Petroleum Operations so as to present a fair, clear and accurate record of all its activities, expenditures , income, and statutory levies / taxes.The Contractor shall maintain party-wise record of sales
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50 showing all line items included in the invoice. The Contractor shall maintain record of credits into the Escrow Account against sales. The Contractor shall reconcile the measured quantity of Petroleum Produced and Saved with the quantity sold. For the purpose of this Contract, the Contractor shall maintain an Escrow Account in accordance with Article 16. 24.2 Based on generally accepted and recognised accounting principles and modern petroleum industry practices, record, books, accounts and accounting procedures in respect of Petroleum Operations shall be maintained on behalf of the Contractor by the Operator, at its business office in India, in accordance with the Accounting Procedure to this Contract. 24.3 The Contractor shall submit to the Government regular Statements and reports relating to PetroleumOperations as provided in AppendixC. 24.4 The annual audit of Revenueshall be carried out on behalf of the Contractor by an independent firm of chartered accountants, registered in India in accordance with the generally accepted auditing and accounting practices in India. 24.5 The Government shall have the right to audit the Escrow Account and Revenue. 24.6 The accounting and auditing provisions and procedures specified in this Contract are without prejudice to any other requirements imposed by any statute in India, including, without limitation, any specific requirements of the statutes relating to taxation of Companies. 24.7 For the purpose of any audit pursuant to this Contract, the Contractor shall make available in original to the auditor all such books, records, accounts and other documents and information as may be reasonably required by the auditor during normal business hours. ARTICLE 25 INFORMATION, DATA, CONFIDENTIALITY, INSPECTION AND SECURITY 25.1 The Contractor shall, promptly after they become available in India, provide the Government, free of cost, with all data obtained as a result of Petroleum Operations under the Contract including, but not limited to, geological, geophysical, geochemical, petrophysical, engineering, Well logs, maps, magnetic tapes, cores, cuttings and production data as well as all interpretative and derivative data, including reports, analyses, interpretations and evaluation prepared in respect of Petroleum Operations (hereinafter referred to as “Data”). Data shall be the property of the Government, provided, however, that the Contractor shall have the right to make use of such Data, free of cost, for the purpose of Petroleum Operations under this Contract as provided herein.
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  • Winter '14
  • Bijay K Behra
  • Government, Petroleum Operations, Contract Area

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