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Customs Bond

• This is a guarantee from a surety to the government that the principal will faithfully abide by all laws and    regulations governing the payment of customs revenue together with the proper carrying on of business in dutiable    articles.
• There are two classes of Bonds namely;
   Particular bonds -These are executed to cover one specific transaction
   General Bonds -These are executed to cover a number of transactions over an unspecified period of time.
• Validity of Customs Bonds
   Customs bonds do not expire. They are valid from the time of proper execution up to the time of bond discharge    by the parties to the bond
• Completion of bond forms
   All bonds must be given by completing the prescribed bond forms and must be binding to the Commissioner of    Customs services.
• Signing, sealing and witnessing
   All bonds must be signed and sealed. Witnessing is done by a Customs Officer. The witnessing officer confirms the    identification of signing parties, i.e. signature of the company director, Power of Attorney.

Stamp Duty
• All legal instruments must bear a revenue stamp. The same is affixed to a customs bond. When the bond is    cancelled it should be returned with the stamp intact and cancelled.
• Scope of Liability
   The obligation in all bond securities executed under customs act is joint and several and this means that all parties    are liable severally and/or jointly
• Bond Enforcement Where the conditions of the bond have not been complied with:-
• The commissioner issues a one month demand notice to the principal, copied to the guarantor demanding    payment of revenue
• On failure to comply, another notice is given to the guarantor
• Upon failure to comply, the commissioner will enforce payment of the security(bond) as though it were duty due    and unpaid.

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