Customs broker security bond ensures deposit may be used to satisfy government claims for negligence or misfeasance. A customs broker bond obliges the broker to provide a security deposit guaranteeing faithful conduct and payment of any sums due to the Government ... Summary
Customs broker security bond ensures deposit may be used to satisfy government claims for negligence or misfeasance.
A customs broker bond obliges the broker to provide a security deposit guaranteeing faithful conduct and payment of any sums due to the Government resulting from the broker's or employees' misfeasance or negligence; the Government may apply the deposit to satisfy such liabilities. The bond remains effective for a fixed period after the broker ceases to act, permitting application of the deposit to liabilities discovered after cessation, and authorizes Commissioner-level acceptance on behalf of the President.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.