Page 144 - The Persian Gulf Historical Summaries (1907-1953) Vol III_Neat

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(m) amortisation of all other survey exploration and development costs
and other capital expenditure at the rate of 5 per cent, per annum
and depreciation of all physical assets at 10 per cent, per
annum until such expenditure and assets arc fully written off.
ib) The Auditors for the time being of the Company and of the Sheikh shall
within six months after the end of the Initial Period and of each year
thereafter agree in writing the total of all costs and expenses of the
Company for such period or year as the ease may be calculated under
paragraph (a) above.
(c) the figures so agreed under paragraph (6) above divided by the number
of tons of Exported Oil during the period to which such agreed figures
relate (ascertained in accordance with clause 2 of this Article) shall
constitute the cost per ton of such oil for such period or year.
(d) In the event of disagreement between the Auditors of the Company and
of the Sheikh under paragraph (b) above a dispute shall be deemed
to have arisen under Article 28 hereof and shall if no agreement can
be arrived at for settling it by any other method be referred to arbitra­
tion in accordance with the said Article.
(e) If there shall be no Auditor appointed by the Sheikh for the purposes of
this Article then the Auditors for the time being of the Company
shall certify in writing the total of all costs and expenses of the Company
calculated under paragraph (a) above, and the figures so certified
shall be deemed to have been agreed as provided in paragraph (b) above.
(/) The Auditors appointed by the Sheikh shall be an" internationally
recognised firm of accountants.

Article 10
As from the Date of commencement of regular exports of oil:
1. —(a) the Company shall within seven days after the end of each quarter
ending on the last day of March, June, September and December in each year,
submit to the Sheikh a provisional tonnage statement showing the quantity of
Exported Oil during such quarter or (in the case of the first provisional tonnage
statement) during the period which has elapsed since the Date of commence­
ment of regular exports of oil and containing all such other information as may be
reasonably required to enable the Sheikh to calculate the amount of the Conven­
tion Payments due in respect of such quarter or period and to assess the Profit
arising in Qatar on Exported Oil in such quarter or period for which purpose the
cost of such Exported Oil shall be the Company’s estimate thereof,
(b) The Company shall within six months after the end of each calendar year
submit to the Sheikh a final tonnage statement containing in respect of that year
or (in the case of the first final tonnage statement) of the Initial Period the informa­
tion required to be stated in a provisional tonnage statement except that the cost of
the Exported Oil to which it relates shall be the cost thereof as agreed or deemed
to have been agreed pursuant to Article 9 (3) hereof. The final tonnage statement
either as submitted or as subsequently varied by agreement shall become conclusive
not later than the 31st day of July next following the year or Period to which it
relates unless one party hereto has prior to that date by notice in writing to the
other requested that any dispute be referred to arbitration for decision.
2. Convention Payments shown to be due in a provisional tonnage statement
shall be paid and satisfied by the Company at the time such provisional tonnage
statement is submitted. If as a result of a conclusive final tonnage statement or
of any such arbitration decision any further sum is found to be due to the Sheikh
in respect of the Convention Payments to which it relates the Company shall forth­
with pay the same, and if as a result of a conclusive final tonnage statement or
arbitration decision as aforesaid the amount paid by the Company in respect of
such Convention Payments is found to have exceeded the amount which ought to
have been paid, such excess shall be treated as an advance by the Company
against future Convention Payments. . f
3 Any Make-up Payment in respect of any year shall be paid by four
approximately equal and (if necessary) provisional quarterly payments on the
dates on which instalments of Qatar Income Tax are payable in respect of that year,
but if when the total amount payable by the Company under Article 8 (1) hereof
in respect of that year is finally determined, provisional payments as aforesaid
found to be less in the aggregate than the Make-up Payment, the Company
are