bond system

(U.S. Customs) A part of the U.S. Customs’ Automated Commercial System, provides information on bond coverage. A Customs bond is a contract between a principal, usually an importer, 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. See Automated Commercial System.

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