On certain temporary importations a surety bond issued by a bonding company duly authorized to do business in Mexico is required to be posted by the importer of record with the Mexican Customs Department to guarantee that the imported items will be timely exported.
Temporary importation allows an item to be imported without payment of a duty, provided it is eventually exported.
Temporary importation entails detailed record-keeping obligations for all items entering Mexico and returning to the U.
Tidewater's management and the Audit Committee were concerned that the Company's Nigerian affiliate used the same third-party agent for its temporary importations in Nigeria that was thought to be significantly implicated in the 2007 Vetco Gray proceedings.
Foreign Corrupt Practices Act (FCPA) and local laws, of its Nigerian affiliate's reimbursement of certain expenses incurred by a customs agent in connection with the temporary importation of its vessels into Nigeria, particularly the obtaining of certain permits that are necessary for the Company's vessels to operate in Nigerian offshore waters.