We have previously blogged on the various stages of the relationship that a US company would travel through with a Foreign Business Partner, from the pre-relationship due diligence to the post-contract execution management. One of the key elements in all of these stages is a high level oversight of the process at all of these stages. This article will discuss the concept of a Foreign Business Partner Review and Oversight Committee.
This concept appears to have found favor with the Department of Justice (DOJ), through its use in a Deferred Prosecution Agreement (DPA) with the Monsanto Corporation. The DOJ provided some guidance on the continuing obligation to monitor Foreign Business Partners. In the Monsanto DPA, the DOJ agreed, after the initial due diligence and appropriate review were completed on Foreign Business Partners, for Monsanto to implement certain post contract execution procedures. These requirements, placed upon Monsanto, can be used as guidelines as to what the DOJ will look for from other US companies who have entered into relationships with Foreign Business Partners; especially in the area of ongoing monitoring of the Foreign Business Partner.
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