MLchartDataset catalogue

Customs bond

Term · Logistics and supply chain · MLC-T-LOG-000250

A contract between three parties: the principal (importer or customs broker), the surety company, and the customs authority, which guarantees that all duties, taxes, and fees owed on an import will be paid. If the principal fails to fulfill their financial obligations to the customs authority, the surety company is required to pay them.

Table 1. Record
IdentifierMLC-T-LOG-000250
FieldLogistics and supply chain
Record as JSON 
{
  "id": "MLC-T-LOG-000250",
  "term": "Customs bond",
  "field": "Logistics and supply chain",
  "definition": "A contract between three parties: the principal (importer or customs broker), the surety company, and the customs authority, which guarantees that all duties, taxes, and fees owed on an import will be paid. If the principal fails to fulfill their financial obligations to the customs authority, the surety company is required to pay them.",
  "url": "https://mlchart.com/terminology/logistics/customs-bond/"
}

Record 71 of 256 in Logistics and supply chain terminology (MLC-0105). Request the full dataset.