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OFAC Compliance Best Practices

David Noah | March 24, 2021 | Export Compliance

For exporters, OFAC compliance is non-negotiable: If you’re shipping to one of the people or companies identified by OFAC, you must be aware of the associated sanctions for every single shipment.

Unfortunately, this isn’t as simple as checking one list one time. OFAC lists may change at any time based on current events or changes in the political landscape.

And there isn’t just one single list that needs to be checked. The Federal Register compiles at least 125 relevant lists every day, and it’s up to you to keep up with them. Fortunately, there are best practices that can help you stay compliant with regulations. Read about them below.

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10 Terms Exporters Should Know about Intellectual Property

David Noah | March 22, 2021 | Intellectual Property Rights

For exporters, intellectual property rights are a critical and challenging aspect of doing business internationally. We spoke to Barbara Grahn and Barbara Wrigley, partners at Fox Rothschild LLP, about several terms relating to intellectual property that exporters must understand. We’ll discuss terms as they relate to patents and trademarks.

It’s crucial to have a working knowledge of these terms, but keep in mind that this is not an exhaustive list of every term you need to know when working with intellectual property.

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7 Common Mistakes When Preparing Letters of Credit

David Noah | March 17, 2021 | Export Finance

You’ve established that a letter of credit is the best form of payment for your international sale. Now, you must pay special attention to make sure you correctly complete not only the letter of credit, but the entire process.

We spoke with John A. Novak, former vice president of International Services at Bremer Bank N.A., headquartered in St. Paul, Minn., to learn about the common mistakes exporters make when completing letters of credit. Here’s what he shared:

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US-UK Trade in a Post-Brexit World

Leslie Glick | March 15, 2021 | Import Basics, Export Basics, Free Trade Agreements

Now that Brexit is finalized, many are wondering what this means for trade between the United States and the United Kingdom. Both countries were restricted from formerly negotiating a trade pact while the U.K. was part of the European Union (EU). However, unbeknownst to many, the U.S. and the U.K. held informal talks for some time prior to Brexit so that a structure would be ready when the time came.

Former President Trump was very much in favor of a deal with the U.K., even though conceptually he did not like bilateral trade agreements. Part of this was his affinity for U.K. Prime Minister Boris Johnson and some antipathy for EU leaders. President Biden is also expected to pursue a trade deal with the U.K.

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Sign Up Now for Free World Trade Month Updates

David Noah | March 10, 2021 | Import Basics, Export Basics

May is fast approaching, which means World Trade Month 2021 is almost here! A number of government, private and public organizations are hosting events celebrating the importance of international trade to the U.S. economy and teaching people how to begin and grow their exports.

The World Trade Month Association publishes a list of these events organized by date, location and topic to make it easy to find events in your area or available online. Register now for free email updates about these events.

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Getting Paid for Your Exports: Payment Options for International Transactions

Catherine J. Petersen | March 8, 2021 | Export Finance

As an exporter, you focus on selling your goods and getting paid for those sales. How you structure those sales and the payment option you choose will increase the likelihood of both.

You and your customer will assess many factors as you negotiate the payment term that will be used for your export transaction. They include, but are not limited to:

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Ensuring Export Compliance in Activity-Based Working Spaces, Home Offices

Matthew Silverman | March 3, 2021 | Export Compliance

Many companies are transitioning to or have already adopted activity-based working (ABW) environments, which allow employees to choose from a variety of work settings depending on the nature of their roles or daily activities. ABW environments are often designed with an eye toward open and communal collaboration; this comes with export compliance risks related to U.S.-controlled technology and information.

ABW has been the norm for many years in the tech industry, but it's growing in popularity outside of Silicon Valley as more companies adopt this office structure and work mentality. Of course the recent work-from-home trend caused by COVID-19 has slowed or halted ABW progress, but when employees begin coming back to work later this year or next, the ABW environment (or some version thereof) may be the new normal for some.

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No Bull: Export Compliance Means Watching for Red Flags

David Noah | March 1, 2021 | Export Compliance

If your idea of a red flag revolves around a conquistador and a bull, I hate to tell you this—the myth that bulls charge at red flags has been debunked. (In the popular series Mythbusters, it was proven that the bull is actually lured by the waving of the flag more than the color.)

So, if bullfighters don’t need to worry about red flags, who does?

You do.

Exporters, you must know what a red flag is, why it’s important and what U.S. export regulations say your responsibilities are regarding red flags. We can help.

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When Can You Throw Away Your Export Documents?

David Noah | February 24, 2021 | Export Compliance, Export Forms

Ever get in one of those moods where you’re ready to toss every single page from every single stack of paper sitting in a filing cabinet or bookshelf? Me too. But if you’re an exporter, you shouldn’t be too quick to throw away your export documentation.

Although it may seem like a headache to keep all your paperwork, there are quite a few rules regarding export document retention. If you do toss your export paperwork without paying attention to those rules, you could be in for an even bigger headache.

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A Beginner’s Guide to Export License Exceptions

Arnesh Roy | February 22, 2021 | Export Compliance

In my previous blog post, I described how to determine if you need an export license by identifying the reasons for control and checking the Commerce Country Chart. In this article I will describe how to determine if there are any export license exceptions available and how to use these exceptions.

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