The Department of Commerce’s Bureau of Industry and Security is reminding the public that U.S. companies are required, pursuant to the Defense Production Act of 1950 as amended, to report annually to the DOC information on contracts for the sale of defense articles or defense services to foreign countries or foreign companies that are subject to offsets agreements exceeding $5 million in value. Consistent with the DPA, U.S. companies are also required to report annually to Commerce information on offsets transactions completed in performance of existing offsets commitments for which an offsets credit of $250,000 or more has been claimed from the foreign representative. Such reports from calendar year 2016 must include relevant information and must be submitted to BIS no later than June 15.
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