Bond System

Bond System :


The currency of Bolivia - l$b=100 centavos.

Bona Fide - law

In or with good faith, honesty and sincerity. A bona fide purchaser, for example, is one who buys goods for value and without knowledge of fraud or unfair dealing in the transac¬tion. Knowledge of fraud or unfair dealing may be implied if the facts are such that the purchaser should have reasonably known that the transaction involved deceit, such as when goods that are susceptible to copyright piracy are provided without product documentation as to their origin.

Bonded - U.S. Customs

Goods stored under supervision of customs until the import duties are paid or the goods are exported.

Bonded Carrier

(a) A carrier licensed to transport goods in bond

(b) A carrier, licensed by the customs authority of a country to transport imported goods past the customs border of the country to another customs office in the same country where duties and taxes are then paid by the importer.

Bonded Exchange - foreign exchange

Foreign exchange which cannot be freely converted into other currencies. See foreign ex¬change.

Bonded Stores – customs

A place (usually a secured storeroom) on a ves¬sel or airplane where non-customs-entered goods are placed under seal until the vessel leaves the port or coun¬try.

Bonded Terminal – customs

An airline terminal approved by the U.S. Trea¬sury Department for storage of goods until Customs duties are paid or the goods are otherwise properly released.

Bonded Warehouse - U.S. Customs

A warehouse owned by persons approved by the Treasury Department, and under bond or guarantee for the strict observance of the revenue laws of the United States ; utilized for storing goods until duties are paid or goods are otherwise properly released. Payment of cus¬toms duties is deferred until the goods enter the Customs Territory of the United States. The goods are not subject to duties if reshipped to foreign points. See bond; in bond.

Bond of Indemnity - shipping

An agreement made with a carrier relieving it from liability for any action on its part for which it would otherwise be liable.

Bond System - U.S. Customs

A part of the U.S. Customs’ Automated Commercial System, provides information on bond cover¬age. A Customs bond is a contract between a principal, usu¬ally 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 penal¬ties for specific types of transactions. Customs is the con¬tract beneficiary. See Automated Commercial System.

Booking – shipping

The act of recording arrangements for the movement of goods by vessel.

Border Cargo Selectivity - United States A program of the U.S. Customs and Bor¬der Protection (CBP) Automated Commercial System (ACS) that determines risk assessment and examination requirements for high-volume borders. The system uses the same editing process as the Cargo Selectivity system.

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