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.
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