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

General Contract Clauses: Export Regulation (OFAC Sanctions Status Ownership and Control) | 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 not directly or beneficially owned by any person on the US Department of the Treasury's Office of Foreign Assets Control's (OFAC) Specially Designated Nationals and Blocked Persons List (SDN List), or by any other person who is the subject of any US economic or trade sanctions, and to covenant that it will promptly notify the exporter if any new or existing owner becomes the subject of any of these sanctions. This Standard Clause has integrated notes with important explanations and drafting and negotiating tips.

General Contract Clauses: Export Regulation (OFAC Sanctions Status Ownership and Control)

Practical Law Standard Clauses 7-597-9165 (Approx. 10 pages)

General Contract Clauses: Export Regulation (OFAC Sanctions Status Ownership and Control)

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 not directly or beneficially owned by any person on the US Department of the Treasury's Office of Foreign Assets Control's (OFAC) Specially Designated Nationals and Blocked Persons List (SDN List), or by any other person who is the subject of any US economic or trade sanctions, and to covenant that it will promptly notify the exporter if any new or existing owner becomes the subject of any of these sanctions. This Standard Clause has integrated notes with important explanations and drafting and negotiating tips.