What does Bonded stand for?

(USA) This term refers to goods which are held, stored or transported under circumstances where applicable duty or taxes have not yet been definitely determined or paid, and admissibility has not yet been arranged. Bonds must be posted by those who are responsible for the goods during this period (the carriers, warehouses, and/or importers) to indemnify the government if the goods are released improperly.

Source:

Lowe, Peter. (1996). “International Trade and Transport: Profiles of Industry Players and Trends in International Business”. McRae’s Publishing.

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