Amount assessed by U.S. Customs & Border Protection & Border Protection for failure to comply with a requirement or regulation. Both the importer and the surety who issued the Customs bond will be notified of a claim for liquidated damages. (See also surety bond.) A claim for liquidated damages may be issued by Customs for a variety reasons; for example, failure to produce a necessary document on an import entry, failure to export goods entered on a TIB or failure to file entry or other required documents in a timely manner.
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