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Bonded Warehouse |
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Bonded Warehouse A warehouse in which imports may be stored without payment of tariffs or other duties for a certain period of time. A bonded warehouse provides not only space but also facilities to clean, repackage or even complete the manufacture of the imports. Importers have a given period of time (such as five years) to pay the tariffs and remove the goods from the bonded warehouse. It is called a bonded warehouse because the importer must post a bond to compensate the government if the goods are released without tariff payment. It is also called bonded storage or a bonded terminal. See also: Bonded goods. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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