Surety bond for foreign transit secures carrier liability for mismatched containers, inaccurate manifests, unaccounted goods, and transit loss. Surety bond for transit of coastal goods through foreign territory makes the authorised carrier and surety jointly and severally liable for compliance ... Summary
Surety bond for foreign transit secures carrier liability for mismatched containers, inaccurate manifests, unaccounted goods, and transit loss.
Surety bond for transit of coastal goods through foreign territory makes the authorised carrier and surety jointly and severally liable for compliance with the Departure Manifest and accounting of goods. Liability arises from mismatched containers, inaccurate descriptions, unaccounted goods, or loss in foreign transit of goods subject to export duty or restrictions. The carrier and surety must pay the goods' value and any imposed penalty on demand. Bond dues are recoverable under the Customs Act, 1962, and forbearance does not release the surety.
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