Part Of The Freight Term Glossary
What are Bonded Goods?
Bonded Goods are imported shipments on which customs charges, including duties, taxes, and any penalties are still owing. Bonded goods are kept in an area of a warehouse controlled by customs authorities, called a customs bonded warehouse. When the bonded warehouse is managed by a third party, as in the US, importers are required to pay a customs bond in advance of import.
Bonded goods are released only when the customs authorities have received payment in full. After a defined period, if the payment has not been made, US Customs destroys or otherwise disposes of the products in the shipment.
If you found this useful, check out the Freightos Freight Term Glossary to learn more about common freight shipping terms.