General Contract Clauses: Export Regulation (OFAC Sanctions Status) | Practical Law

General Contract Clauses: Export Regulation (OFAC Sanctions Status) | Practical Law

A Standard Clause a US exporter can include in an international supply or sale of goods agreement to require the buyer to represent that it is currently not the subject of any economic or trade sanctions or embargoes imposed by the US Department of the Treasury's Office of Foreign Assets Control (OFAC) or other government authorities, and to covenant that it will promptly notify the exporter if it becomes the subject of any such sanctions. This Standard Clause has integrated notes with important explanations and drafting and negotiating tips.

General Contract Clauses: Export Regulation (OFAC Sanctions Status)

Practical Law Standard Clauses 7-597-4945 (Approx. 10 pages)

General Contract Clauses: Export Regulation (OFAC Sanctions Status)

by Practical Law Commercial Transactions
MaintainedUSA (National/Federal)
A Standard Clause a US exporter can include in an international supply or sale of goods agreement to require the buyer to represent that it is currently not the subject of any economic or trade sanctions or embargoes imposed by the US Department of the Treasury's Office of Foreign Assets Control (OFAC) or other government authorities, and to covenant that it will promptly notify the exporter if it becomes the subject of any such sanctions. This Standard Clause has integrated notes with important explanations and drafting and negotiating tips.