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12. FOREIGN TRADE LAW: EXPORT CONTROLS
The imposition of trade restrictions (e.g. dual use goods, US-(re-)export controls and local country laws) and embargoes against countries, regimes, entities and individuals are common factors of foreign trade law. Restrictions and embargoes refer to sale, import, export, electronic transfer, provision or disclo- sure of information, software, commo- dities, technology, services and financi- al transactions, including brokerage. Violation of such laws can result in se- rious penalties, including imprisonment and fines, loss of export privileges and future business, as well as loss of re-
putation. The scope of restrictions and embargoes in force changes frequently and must be constantly monitored. As- sociates involved in import and export (e.g. Purchasing, Sales, R&D, Supply Chain, etc.), must keep up-to-date of the rules that are in force and need to adhere to related procedures to be in compliance. Associates should address any questions to either the responsible person within their Business Group or to the corporate function Corporate Tax and Customs of Freudenberg & Co. Kommanditgesellschaft, including the Freudenberg Regional Corporate Center.
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