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.
References in periodicals archive ?
The emirati firm undertakes the investment, build, and supply of the Bonded Terminal System, which includes allocations of national strategic reserves to benefit the Vietnamese people.
Addressing the crowd in order to drive home their demands, the Treasurer of the Tin-Can Island chapter of NAGAFF, Mr Okwudili Onwudinjo, said that there have been several complaints from freight forwarders against Hanover General Bonded Terminal on the inability to clear consignments from the terminal.
Oyinloye, 'aside the increased numbers of bonded terminals, more hands have come onboard to join the Sifax Group project under the five-year strategic plan.