: (1) The Contractor shall maintain all financial accounts and records in the English language reflecting all petroleum operations. Such accounts and records shall be kept at the Contractor's office in Kathmandu, Nepal in dollars or in other currencies as mutually agreed upon.
(2) The contractor shall prepare the annual balance sheet and statement of profit and loss in accordance with this agreement and the relevant laws of Nepal. The accounting rules, rules and customs for determining the contractor's income, expenses and net profit shall be as prescribed by the Government of Nepal in accordance with the generally applicable accounting rules, rules and customs in the international petroleum industry.
(3) The accounts of the contractor shall be certified by an independent auditor acceptable to the Auditor General's Department and shall be submitted to the Department within ninety (90) days of the end of the relevant year along with the auditor's report.
(4) The Government of Nepal shall have the right to inspect and audit the accounts and accounts of the contractor for any year related to this agreement for the purpose of checking whether the contractor has complied with the terms and conditions of this agreement at any time up to two years after the end of the year related to such accounts and accounts. Within sixty (60) days of the completion of such inspection or audit, if there is any objectionable matter, it must be reported in writing.
(5) The department may appoint a firm of independent accountants with experience in the international petroleum industry to inspect and audit the contractor's accounts and accounts related to this contract. The Contractor shall pay the fees and expenses of such firm of independent accountants and such payment shall be deemed to be Petroleum Expenses.