Customs and Tax Bond

The Customs and Tax Bond is a contract used for guaranteeing that a specific obligation will be fulfilled between customs and an importer for any given import transaction. The main purpose of a customs bond is to ensure that the payment of import duties, taxes and fees owed to government will be paid.

The Insurer's interest in this particular surety bond is represented by customs operations under a suspension arrangement:

• Transit
• Customs warehouse
• Temporary admission of goods
• Local clearance
• Processing under customs control
• Inward processing/ Outward processing
• Bonded warehouse