What is Bond Cancellation?
Bond Cancellation The formal termination of a customs or surety bond upon fulfillment of all obligations, such as duty payments or successful completion of transit or warehouse operations.
Source: Incoterms 2020 (ICC), FIATA, IATA DGR, WCO
How is “Bond Cancellation” Used in Practice?
Bond cancellation is processed by customs authorities once all conditions of the transit guarantee are fulfilled.
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Who Needs to Know This Term?
- Freight Forwarders
- Supply Chain Managers
- Customs Brokers
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What is Bond Cancellation?
The formal termination of a customs or surety bond upon fulfillment of all obligations, such as duty payments or successful completion of transit or warehouse operations.
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