Surety bond liability secures coastal goods transiting foreign territory where manifest discrepancies, unaccounted goods, or transit losses occur. An authorised carrier and surety jointly and severally execute a bond as a condition for transit of coastal goods through foreign territory. Liability ... Summary
Surety bond liability secures coastal goods transiting foreign territory where manifest discrepancies, unaccounted goods, or transit losses occur.
An authorised carrier and surety jointly and severally execute a bond as a condition for transit of coastal goods through foreign territory. Liability arises if returned containers differ from the Departure Manifest, contents are wrongly described, goods are not satisfactorily accounted for, or restricted or export-duty goods are lost in transit. The bond requires payment on demand of the goods' value and any adjudged penalty, permits recovery through the customs recovery mechanism, and preserves the surety's liability despite any forbearance by customs officers.
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