Bond obligations for export-oriented units require customs and excise compliance and security for duties payable on demand. General Bond B-17 binds obligors and sureties jointly and severally to observe the Customs Act and Central Excise Act and related rules when receiving, manufacturing and removing duty-free goods. Obligors must pay duties, charges, interest and penalties on demand; fulfil export obligations and policy conditions; discharge provisional assessment dues promptly; ensure no pilferage; maintain and produce detailed accounts; provide customs/excise supervision amenities; and accept that the surety remains liable despite extensions or forbearance, while authorities may recover sums under statutory recovery provisions.
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Provisions expressly mentioned in the judgment/order text.
Bond obligations for export-oriented units require customs and excise compliance and security for duties payable on demand.
General Bond B-17 binds obligors and sureties jointly and severally to observe the Customs Act and Central Excise Act and related rules when receiving, manufacturing and removing duty-free goods. Obligors must pay duties, charges, interest and penalties on demand; fulfil export obligations and policy conditions; discharge provisional assessment dues promptly; ensure no pilferage; maintain and produce detailed accounts; provide customs/excise supervision amenities; and accept that the surety remains liable despite extensions or forbearance, while authorities may recover sums under statutory recovery provisions.
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