What does the term warehouse-bonded mean?
Pending completion of customs formalities for Import or Export goods may be held in a bonded warehouse until such time as any relevant taxes or duties are paid. A bondholder gives the authorities the assurance that they will accept responsibility for the duty on any consignment lost while under their control. Similarly, certain goods are manufactured under government control and are kept in bond on the local market or export. Duties will be assessed on the goods before they can leave the bonded warehouse.