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Customs Bonded Warehousing: Operations and Advantages Customs bonded warehousing is the process of goods storage wherein the company whose products are to be stored at the customs bonded warehouse need not pay the customs duty till the agreement is made with the warehouse owner. It is also said that customs bonded warehouses are importer friendly. When the goods reach the customs bonded warehouse the proprietor of the warehouse takes the liability of those goods under the warehouse bond. This liability will cease when the goods will be moved out of the warehouse for any of the above-mentioned reasons:
1. For supplies to a vessel or an aircraft 2. For its destruction as per rules and under the supervision of the government. 3. For export 4. For consumption within the country
There are many advantages associated with these customs bonded warehouses, some of the same are mentioned below:
1. These customs bonded warehouses allow the company to save upon the revenue and custom payments till the goods need to be moved out for further transportation and sale. 2. These customs bonded warehouses do not follow any time frame for storing the restricted category goods, these also can be stored in the same manner as the conventional goods. 3. These customs bonded warehouses are appropriate for those importers who plan to transport their goods internationally. The company can store its products in these customs bonded warehouses and then ship those to the desired market when the ideal conditions arise. Seasonal products are best to deal with these customs bonded warehouses. 4. In many customs bonded warehouses even inspection and complex documentation work is not necessary until the goods need to be moved out after the term in the contract. This saves up a lot of time on the part of both parties.
Manage your logistics most methodologically with these customs bonded warehouses.