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Customs Bond

In any country, cargo must be cleared by customs authorities before release.

When cargo is cleared, customs usually levy a certain amount of tax and duty on imported products.

Sometimes, the importer may not have the funds to pay the duty fully and clear the goods. This means the cargo could be stuck in the container, incurring demurrage and port storage if not removed in time.

In cases like that, the importer can clear the goods under bond, which effectively means they promptly agree with customs to pay duties and taxes.

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