liquidation system

(U.S. Customs) A part of U.S. Customs’ Automated Commercial System, closes the file on each entry and establishes a batch filing number which is essential for recovering an entry for review or enforcement purposes. An entry liquidation is a final review of the entry. Public Law 95-410 (Customs Procedural Reform and Simplification Act of 1978) requires that all liquidations be performed within one year from the date of consumption entry or final withdrawal on a warehouse entry. Three one-year extensions are permitted. See liquidation; Automated Commercial System.

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