What is Bonded Warehouse?
Bonded Warehouse A secured facility authorized by customs authorities where imported goods can be stored, manipulated, or undergo manufacturing operations without payment of duties and taxes until they are released for local consumption or re-export.
Source: Incoterms 2020 (ICC), FIATA, IATA DGR, WCO
How is “Bonded Warehouse” Used in Practice?
Goods were stored in a bonded warehouse pending customs clearance and payment of applicable import duties.
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Who Needs to Know This Term?
- Freight Forwarders
- Supply Chain Managers
- Customs Brokers
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What is Bonded Warehouse?
A secured facility authorized by customs authorities where imported goods can be stored, manipulated, or undergo manufacturing operations without payment of duties and taxes until they are released for local consumption or re-export.
Where can I learn this term for free?
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