Indemnity obligation secures refund of drawback if post-facto verification finds mis declaration, enabling recovery and adjustment. An indemnity bond under the Simplified Brand Rate Fixation Scheme obliges the exporter to indemnify the Government for any sums found due where post-facto ... Summary
Indemnity obligation secures refund of drawback if post-facto verification finds mis declaration, enabling recovery and adjustment.
An indemnity bond under the Simplified Brand Rate Fixation Scheme obliges the exporter to indemnify the Government for any sums found due where post-facto verification reveals mis-statement, mis-declaration or suppression affecting the admissible drawback rate or amount; obligers must cooperate with inspections and document production, pay on demand any re-determined differences or withdrawals of drawback, and permit recovery or adjustment of excess payments, with the obligation extending to their legal successors until all obligations are fully discharged.
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