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English definition of “customs bond”

customs bond

noun [C]     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 noun from the Cambridge Business English Dictionary © Cambridge University Press)
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