Continuity bond obligation ensures provisional customs clearance subject to documentation, duty differential and penalty payment requirements. A Continuity Bond by importer and surety secures provisional customs clearance pending documents and licence validation; the importer must produce requested documents within the prescribed period, pay the difference between provisional and final duty and any penalty in lieu of confiscation for unlicensed imports, failing which the bond remains in force. The bond is a continuing guarantee enforceable against the surety regardless of proceedings against the importer, disputes, or liquidation, and permits recovery by government officers with waiver of surety defences and restriction on revocation without governmental consent.
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Provisions expressly mentioned in the judgment/order text.
Continuity bond obligation ensures provisional customs clearance subject to documentation, duty differential and penalty payment requirements.
A Continuity Bond by importer and surety secures provisional customs clearance pending documents and licence validation; the importer must produce requested documents within the prescribed period, pay the difference between provisional and final duty and any penalty in lieu of confiscation for unlicensed imports, failing which the bond remains in force. The bond is a continuing guarantee enforceable against the surety regardless of proceedings against the importer, disputes, or liquidation, and permits recovery by government officers with waiver of surety defences and restriction on revocation without governmental consent.
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