BIS Reminds U.S. Firms of Requirement to Report Contracts for Sale of Defense Items to Foreign Entities

On March 20, 2012, the U.S. Bureau of Industry and Security (BIS) issued a reminder in the Federal Register that U.S. firms are required to report annually to the Department of Commerce (Commerce) information on contracts for the sale of defense articles or defense services to foreign countries or foreign firms that are subject to offsets agreements exceeding $5 million in value. U.S. firms are also required to report annually to Commerce information on offsets transactions completed in performance of existing offsets commitments for which offsets credit of $250,000 or more has been claimed from the foreign representative. This year, such reports must include relevant information from calendar year 2011 and are due to Commerce no later than June 15, 2012.