Customs Bond
Definition of customs bond
A customs bond is a financial guarantee required by customs authorities to ensure that importers comply with all regulations and pay any duties, taxes, and penalties. It protects the government against any importer default.
Who charges the customs bond?
Customs bonds are mandated by customs authorities and are usually obtained through insurance companies or customs brokers who act on behalf of the importer.
Where is the customs bond charged?
The customs bond is charged at the destination where the goods are being imported.
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