Bonded Goods

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Bonded Goods

Imports stored in a bonded warehouse, which is a location where the goods can be stored without payment of tariffs or other duties for a certain period of time. The warehouse provides not only space but also facilities to clean, repackage or even complete the manufacture of the bonded goods. Importers have a given period of time (such as five years) to pay the tariffs and remove the bonded goods from the warehouse. They are called bonded goods because the importer must post a bond to compensate the government if the goods are released without tariff payment. See also: Bonded warehouse.
References in periodicals archive ?
Bonded goods Above, Richard Mervill dresses the part to show off the sea scooters.
Since its opening in 1981, the Dry Port has proved very popular with importers in Riyadh who highly value the facility of clearing their custom bonded goods at their final destination rather than in Dammam.
The contract includes the following work : - 13 750 m2 of surface preparation, leveling : - 13 350 m2 of textile floor covering, patterned rapport, as Bahne bonded goods including carpet base : - 1300 m2 textile floor covering, rapport patterned, coated Bahne as hard goods (raised floor) : - 400 m2 linoleum flooring; : - 3 300 m base profiles (aluminum).