A type of Customs entry and surety bond given to U.S. Customs & Border Protection (or other Customs authority) to permit the temporary import of goods without the payment of duty, and perhaps without meeting other Customs admissibility requirements. Goods admitted under a TIB must generally be exported within a limited period of time (typically one year in the U.S. for most goods, with extensions up to three years available upon application). The goods must be exported under Customs supervision within the period of the entry in order to cancel the entry/bond. Failure to export within the period allowed will result in the assessment of 200% of normal duty for most goods, or 110% of the duty for sales samples. Export processing involves the filing of documents, and perhaps inspection of the goods. Just prior to export of goods under a temporary import bond (TIB), the exporter or freight forwarder must coordinate with the responsible Customs broker, who must file an application for TIB cancellation with Customs at the port of export. Customs will then either schedule an inspection or waive it.
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