Joint bond facility: parent company jointly guarantees subsidiary export obligations, accepting liability for customs duty and interest. A joint bond/bank guarantee may be executed jointly by a parent company and its subsidiary license-holder where the parent holds more than fifty percent of shares and both companies have common boards of directors, verifiable from their constitutional documents; execution must follow existing circular criteria. The parent will stand as surety and be jointly and severally liable to make good customs duty and interest if the subsidiary defaults on export obligations. The same conditions apply to the Duty Exemption Scheme and the EPCG Scheme.