Bonded Cargo And Warehouses

Bonded Cargo refers to any foreign shipment on which your company owes things like duties, taxes or penalties, even regular custom charges.

Typically, bonded cargo is maintained in an area of a warehouse controlled by custom agents. This happens everywhere in the world and it is referred to as customs bonded warehouse. In some situations, these warehouses can be managed by third parties.

Bonded warehouses are most commonly used for high customs duties such as alcohol spirits, cigarettes, etc. We have two types of Bonded warehouses:

• Public Customs Bonded Warehouse: They are government-owned

• Private Customs Bonded Warehouse: They are privately-owned

Bonded items are released once customs have received full payment. If payment is not received after a specific amount of time, customs will dispose of your shipment or otherwise destroy it.

A Customs Bond is a type of Insurance that protects a country if exporters or importers fail to pay fines, taxes or duties that are imposed on their shipment.

The following Documents are required for Bonded storage of goods:

• Bill Of Entry

• Transport document such as Bill of Lading

• Transfer Request Form from Bonded Warehouse

• Bill of Export

• Shipping bill

When selecting a shipping partner for all bonded cargo and transport needs, you need to find a company that has intimate knowledge of Customs regulations as well as licensing. We at Fulcrum Shipping And Logistics provide the above as per our customer requirements.