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Meaning of “customs bond” in the English Dictionary

"customs bond" in Business English

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customs bondnoun [C]

uk   us   TAX, COMMERCE
a type of insurance that someone who is importing goods must have, in which they promise to pay any necessary taxes and obey the rules for importing goods: We can negotiate highly competitive customs bond rates for you. Every importer should educate themselves on the US Customs bond.
(Definition of customs bond from the Cambridge Business English Dictionary © Cambridge University Press)
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