These bonds are normally used for the storage of goods without payment of duty in a bonded warehouse under customs control and as and when the goods are removed, duty is paid. If the goods are fully removed within the bond period and the duty paid, the Bond duly cancelled should be returned to us either directly by the Customs Department or through the Insured.
This bond is used for importation of raw materials duty free on the condition that the finished goods are exported out of the country. These Bonds are mainly required by industries which manufacture under Bond.
If the goods are not exported or are sold in the country, duty is payable by the Insured, and in case of failure to do so the Bond amount would be called for by the Customs Department.
An assurance that the immigrants is in the country legally
Performance Bonds Cover
Covers the client in case of failure to perform the contract
Covers the cost of tendering in case the tenderer does not take up the job after winning the tender