Export obligation undertaking enforces compliance, requiring payment of customs duties, interest and bank guarantees upon default. Appendix 25B prescribes that applicants for import Authorisations must undertake to fulfil export obligations within specified periods, submit export statements and bank certificates, comply with customs and Scheme conditions, and accept the Government's written demand for shortfalls as final and binding. On default the party must pay applicable customs duties and interest on duty saved, execute or forfeit Bank Guarantees, surrender unutilised goods to nominated agencies for sale with proceeds applied to obligations, and pay liquidated damages; the Agreement remains binding despite changes in the party's constitution and the Government may modify the Scheme.
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Provisions expressly mentioned in the judgment/order text.
Export obligation undertaking enforces compliance, requiring payment of customs duties, interest and bank guarantees upon default.
Appendix 25B prescribes that applicants for import Authorisations must undertake to fulfil export obligations within specified periods, submit export statements and bank certificates, comply with customs and Scheme conditions, and accept the Government's written demand for shortfalls as final and binding. On default the party must pay applicable customs duties and interest on duty saved, execute or forfeit Bank Guarantees, surrender unutilised goods to nominated agencies for sale with proceeds applied to obligations, and pay liquidated damages; the Agreement remains binding despite changes in the party's constitution and the Government may modify the Scheme.
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