BIS Posts a Reminder of Annual Reporting Requirements on Offsets Agreements

On April 4, 2014, Bureau of Industry and Security (BIS) posted a notice in the Federal Register reminding that U.S. firms are required ton report annually to the Department of Commerce (DOC) information on contracts for the sale of defense articles or services to foreign countries or foreign firms that are subject to offsets agreements exceeding $5,000,000 in value. U.S. firms are also required to report annually to DOC 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 2013 and must be submitted to DOC no later than June 15, 2014.

Reports should be addressed to "Offsets Program Manager, U.S. Department of Commerce, Office of Strategic Industries and Economic Security, Bureau of Industry and Security, Room 3878, Washington, DC 20230."