Common use of Trade Control Laws Clause in Contracts

Trade Control Laws. (a) The Parties shall comply with all applicable economic sanctions and export control laws in the performance of this Agreement, including without limitation the sanctions programs administered by the U.S. Department of Treasury's Office of Foreign Assets Control (OFAC) and the Export Administration Regulations (EAR) administered by the U.S. Department of Commerce's Bureau of Industry and Security (BIS) (collectively Trade Control Laws). Licensee represents that neither Licensee nor, to the knowledge of Licensee, any director, officer, employee, or agent of Licensee, is an individual or entity (Person) that is, or is fifty percent (50%) or more owned or controlled by Persons that are: (a) the target of any sanctions administered or enforced by the U.S. Government, including by OFAC, or by the governments of Japan, Switzerland, the EU, or the United Kingdom (Sanctions) or listed on any denied party lists maintained by OFAC, BIS or on the European Union's Consolidated List of Persons, Groups and Entities Subject to EU Financial Sanctions, or (b) located, organized or resident in a country or territory that is, or whose government is, the target of Sanctions (including, without limitation, Cuba, Iran, North Korea, Venezuela, and Syria) ((a) and (b) collectively, Sanctions Targets).