Our glossary simplifies common industry terms in freight and logistics into clear, easy-to-understand explanations.
A Customs Bond is a financial guarantee provided by an importer or customs broker to customs to ensure the timely payment of duties and taxes. If the importer fails to pay on time, customs may seek payment from an insurance company or financial institution. In markets such as the United States, customs bonds are mandatory for all imported goods. For businesses, obtaining a customs bond can expedite customs clearance and prevent shipments from being held up due to payment delays. This system protects national tax revenue while also reducing legal risks for businesses from unexpected situations.
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