(U.S. Customs & Border Protection & Border Protection) Liquidation is the final computation or ascertainment, performed by the U.S. Customs & Border Protection & Border Protection Service (USCS), of the duties or drawback accruing on an entry. All entries covering imported merchandise, except temporary import bond (TIB) entries and those for transportation in bond in-transit entry (I.T.) or for immediate exportation direct export entry (D. E.) and transportation and exportation entry (T & E) are liquidated. If not liquidated within one year from the Customs entry date, or within one year of the final withdrawal of all merchandise covered by a Customs warehouse entry, an entry is deemed liquidated at the Customs duty rate, Customs value and duty deposit asserted by the importer at the time of filing the Customs entry summary or Customs warehouse withdrawal, except in the case of duty drawback and vessel repair entries. The statutory period may be extended for two one-year periods when further information is needed, when a U.S. Countervailing Duty Order or a U.S. Antidumping Duty Order is pending, or when requested by an importer.
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