What is Bonded Storage?
Bonded Storage A designated warehouse or storage facility under customs control, where imported goods may be stored without payment of duties and taxes until they are cleared for consumption or re-exported.
Source: Incoterms 2020 (ICC), FIATA, IATA DGR, WCO
How is “Bonded Storage” Used in Practice?
The shipment remained in bonded storage until all import duties were paid and customs clearance was completed.
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Who Needs to Know This Term?
- Freight Forwarders
- Supply Chain Managers
- Customs Brokers
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What is Bonded Storage?
A designated warehouse or storage facility under customs control, where imported goods may be stored without payment of duties and taxes until they are cleared for consumption or re-exported.
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