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| Definition Of: |
Bond System
The Bond System, a part of Customs' Automated Commercial System, provides
information on bond coverage. A Customs bond is a contract between a
principal, usually an importers, and a surety which is obtained to insure
performance of an obligation imposed by law or regulation. The bond covers
potential loss of duties, taxes, and penalties for specific types of
transactions. Customs is the contract beneficiary.
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Transportation Dictionary INDEX:
List of Terms: Terms beginning with "A", Page 1 |
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Page Number:
1 2 3 4 5 6 A: Page 1 of 6.
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