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TeachMeFinance.com - explain Export Administration Act (EAA) of 1979 Export Administration Act (EAA) of 1979 The term 'Export Administration Act (EAA) of 1979 ' as it applies to the area of agriculture can be defined as ' P.L. 96-72 (September 29, 1979) provides legal authority to the President to control U.S. exports for reasons of national security, foreign policy, and/or short supply. However, the FACT Act of 1990 (P.L. 101-624) provides for contract sanctity by prohibiting the President from restricting the export of any agricultural commodity already under contract for delivery within 270 days from the date the embargo is imposed, except during national emergency or war. With the expiration of EAA in 1994, the President declared a national emergency and exercised authority under the International Emergency Economic Powers Act to continue the EAA export control regulations then in effect by issuing Executive Order 12924 on August 19, 1994, last extended by the Presidential Notice of August 13, 1998'. Previous 5 Terms: Explosives casting exponent exponential form exponential function exponential growth Next 5 Terms: Export allocations or quotas Export Credit Guarantee Programs (GSM-102-103) Export credit revolving fund Export Enhancement Program (EEP) Export Incentive Program (EIP) About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005-2011 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.