Code of Federal Regulations Title 19. Customs Duties 19 CFR Pt. 113, App. C—Bond for Deferral of Duty on Large Yachts Imported for Sale at United States Boat Shows

Bond for Deferral of Duty on Large Yachts Imported for Sale at United States Boat Shows

_____, as principal, and _____, as surety, are held and firmly bound to the UNITED STATES OF AMERICA in the sum of _____ dollars ($_____), for the payment of which we bind ourselves, our heirs, executors, administrators, successors, and assigns, jointly and severally, firmly by these conditions.

Pursuant to the provisions of 19 U.S.C. 1484b, the principal has imported at the port of _____ a dutiable large yacht (exceeding 79 feet in length, used primarily for recreation or pleasure, and previously sold by a manufacturer or dealer to a consumer) identified as _____ for sale at a boat show in the United States with deferral of entry completion and duty deposit and has executed this obligation as a condition precedent to that deferral.

A failure to inform CBP in writing of an exportation, or to complete the required entry, within the 6–month bond period will give rise to a claim for liquidated damages unless the principal informs CBP of the exportation or completes the entry within the time limits prescribed in 19 CFR 4.94a. If the principal fails to comply with any condition of this obligation, which includes compliance with any requirement or condition set forth in 19 U.S.C. 1484b or 19 CFR 4.94a, the principal and surety jointly and severally agree to pay to CBP an amount of liquidated damages equal to twice the amount of duty on the large yacht that would otherwise be imposed under subheading 8903.91.00 or 8903.92.00 of the Harmonized Tariff Schedule of the United States. For purposes of this paragraph, the term duty includes any duties, taxes, fees and charges imposed by law.

The principal will exonerate and hold harmless the United States and its officers from or on account of any risk, loss, or expense of any kind or description connected with or arising from the failure to store and deliver the large yacht as required, as well as from any loss or damage resulting from fraud or negligence on the part of any officer, agent, or other person employed by the principal.

WITNESS our hands and seals this ___ day of ___ (month), ___ (Year).

(Name) (Address)

_______________ [SEAL]

(Principal)

_______________ [SEAL]

(Name) (Address)

_______________ [SEAL]

(Surety)

Certificate as to Corporate Principal

I, _______, certify that I am the   *_______ of the corporation named as principal in the attached bond;  that _______, who signed the bond on behalf of the principal, was then _______ of that corporation;  that I know his signature, and his signature to the bond is genuine;  and that the bond was duly signed, sealed, and attested for and in behalf of the corporation by authority to its governing body.

 May be executed by the secretary, assistant secretary, or other officer of the corporation.

(CORPORATE SEAL)

(To be used when no power of attorney has been filed with CBP.)