Customs bond
From ACT Wiki
Trade finance.
A customs bond is a guarantee supplied by an importer in favour of a revenue authority, for example HM Revenue & Customs in the UK.
The customs bond is issued by a bank or insurance company in favour of the revenue authority.
It guarantees that the import duty on imported goods will be paid, enabling the business to import and distribute goods before payment of the import duty.
Also known as a customs guarantee.
