2011 Defense Articles & Services Offsets Annual Reports due to BIS by June 15

The Bureau of Industry and Security has issued a reminder that U.S. firms are required to submit their calendar year 2011 annual reports on offsets agreements related to sales of defense articles or defense services to foreign countries or foreign firms by June 15, 2012. Reports are required to contain information on: (1) contracts for the sale of defense articles or defense services to foreign countries or foreign firms that are subject to offsets agreements exceeding $5,000,000 in value; and (2) 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.