Glossary : Customs : TEMPORARY IMPORT BOND
A temporary import bond or TIB ("Temporary Importation under Bond")
is required when goods are brought into the United States
or Canada without payment of duty, by posting a bond
to guarantee that they will be exported. The amount
of the bond is usually double the estimated duties.
Goods imported under a temporary import bond can remain
in either country without the payment of duty for up
to a year. These goods must be brought back to the country
of export before the expiration of the bond period to
avoid the assessment of liquidated damages in the amount
of the bond. If the goods are not exported, the bond
is forfeited, usually in the amount of twice the value
of the customs duties that would have been payable on
the products. The one year period for exportation can
be extended upon application to the port director.
The importer will want to enter merchandise using a temporary import bond under the following circumstances: importing samples for testing, inspection, for making a purchasing decision, or to display a sample at a trade fair or other sales show; or an importer may wish to import merchandise and to further manufacture it and then export the finished product.
Please contact your customs broker to obtain a listing of goods that may be admitted into the United States or Canada under a Temporary Import Bond / TIB.