Export obligation compliance: government demand, bank guarantee and payment obligations attach to import authorisations under the trade scheme. Template agreement requires the importer/exporter to perform the Export Obligation within the specified period, comply with scheme, authorisation and customs conditions, submit export statements and bank export certificates, and to furnish a Bank Guarantee or Legal Undertaking. On default the Government may demand payment, require payment of customs duties for shortfall, impose liquidated damages, forfeit guarantees, and direct disposal of unutilised goods with proceeds applied to obligations; the Government's written demand is final and binding.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Export obligation compliance: government demand, bank guarantee and payment obligations attach to import authorisations under the trade scheme.
Template agreement requires the importer/exporter to perform the Export Obligation within the specified period, comply with scheme, authorisation and customs conditions, submit export statements and bank export certificates, and to furnish a Bank Guarantee or Legal Undertaking. On default the Government may demand payment, require payment of customs duties for shortfall, impose liquidated damages, forfeit guarantees, and direct disposal of unutilised goods with proceeds applied to obligations; the Government's written demand is final and binding.
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