A Bond is A written legal contract executed under seal whereby the person or persons entering into it bind themselves to pay to some other person or body a specified sum of money, known as Penalty if any of the conditions of the bond are not performed.
Tender Bonds
Advance Payment Bond
Performance Bonds
Work Permits/Security Bond
Customs Bonds
The validity of Customs Bonds
Type | Definition | PB/GB | Duration |
---|---|---|---|
CB 1 | delivery of perishable goods or other goods prior to payment of duty | Both | PB – 48 hrs GB – 3 Yrs |
CB(1A) | Delivery of project goods entered provisionally before payment of duty | PB Only | 90 Days |
CB 2 | Removal of goods from one port or place to be
examined and entered at another port/place |
Both | PB – 48 hrs GB – 3 Yrs |
CB 3 | Warehousing of goods or removal of warehouse goods | Both | PB – 21 Days GB – 3 Yrs |
CB 4 | Exportation of goods | Both | PB – 45 Days GB – 3 Yrs |
CB 5 | Shipment of stores e.g. provided to planes or ships | Both | PB – 30 Days GB – 3 Yrs |
CB 6 | General bond for the security of warehoused goods | GB Only | GB – 3 Yrs |
CB 7 | Shipment of goods forebeentry – goods are shipped and documentation is done later |
PB Only | 96 Hrs |
CB 8 | Transit Bond | GB Only | 3 Years |
CB 9 | Transshipment bond | Both | PB – 30 Days GB – 3 Yrs |
CB 10 | Re – exportation of imported goods delivered without payment of duty | PB Only | 1 Years |
CB 11 | Bond for Customs Agents | GB Only | 3 years |
CB 12 | Conveyance of goods subject to customs control | GB | GB – 3 Yrs |
CB 13 | For goods imported for use in the production of goods for export | PB Only | GB – 3 Yrs |
CB 14 | Removal of goods to and from an EPZ | GB | 9 Months |
CB 16 | For project goods imported and delivered without payment of duty | PB | 1 Years |
CB 18 | For security of goods in a transit shed or a Customs Freight Station | GB Only | Until retired |
EB 1 | Bond for hetpayment of Excise duties | GB Only | 3 years |
EB 3 | Bond for licensed manufacturer | - | - |
- | Security to Customs | PB Only | Until retired |
- | Customs Transit Guarantee | Both | PB - 90 Days GB – 3 Years |
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