Export Compliance Programs Are Key to Managing Risk

摘要

U.S. export control laws govern virtually all exports from companies in the engineering, procurement and construction (EPC) industry, no matter where the company is headquartered. The rules apply to construction tangibles such as project equipment, materials, drawings, diagrams and correspondence. Intangibles can include verbal discussions on export-restricted processes. Hence, without an adequate company export compliance program in place, contractors face the risk of losing their valuable U.S. export privileges or incurring significant fines. Like many contractors, Samsung Construction & Trading (C&T) Corporation believes it is our obligation to not only comply with U.S. export control requirements on its projects executed worldwide, but to also assist others in doing so. We recommend contractors educate their suppliers, contractors and clients on the need to have adequate export controls at all stages of the supply chain cycle.