Bonded Stock Agreement

A customs warehouse or bond is a building or other secure area where goods subject to the duty obligation can be stored, handled or subjected to manufacturing operations without payment of duties. [1] It can be managed by the state or by private companies. In the latter case, customs clearance must be cleared from the government. This system exists in all developed countries of the world. At the end of each month, the customer simply counts the stock on their shelves and faxes the numbers to a « counting card » provided to Rayleigh. At the beginning of the following month, an invoice is invoiced and the supply stock sent to the customer. The storage obligation is a contract between three entities: the warehouse operator is the client who must be bound, the public authority providing the licence is the debtor. Finally, the guarantee is provided by bond insurers. Storage loan rights can come from fire, theft, water damage, roof collapse, insufficient maintenance of facilities, damage during handling, air conditioning failure, lost inventory and other causes. Storage obligations generally remain in force for one year and must be renewed annually.

The Customs People has a lot of knowledge and expertise regarding all aspects of using customs warehouses for the storage of goods. We advise and advise you on the reassessment of customs permits of indefinite duration. There are many restrictions in the restoration of stock borrowing agreements. For example, in agreements, force majeure is often mentioned as an absolute exclusion. While a storage owner cannot reasonably be expected to control forces of nature such as hurricanes and earthquakes, there are certain circumstances in which liability is a consideration. The effects of the transfer of goods to a VAT tax warehouse do not have to be paid when transferred goods subject to a storage procedure are transferred to a customs warehouse for those goods. VAT may be due when goods are removed from the warehouse for private use and must be paid together with any duties suspended by the person withdrawing the goods (or by the tax). The tax will be applied to foreign goods entering the national economy of a country. When goods enter a country only as part of their transport, they are considered a linked inventory.

The inventory is considered bound, since the importer must file with the government a customs obligation as security for customs duties on the goods. If the importer transfers the goods to another country, he can exchange the customs loan and recover his customs guarantee. .

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