LegalFix
Sign In

§ 113.2 - Powers of Commissioner of CBP relating to bonds.

Copy with citation
Copy as parenthetical citation

Whenever a bond is required or authorized by law, regulation, or instruction, the Commissioner of CBP may:

Prescribe the conditions and form of the bond and fix the amount of penalty, whether for the payment of liquidated damages, or of a penal sum, except as otherwise specifically provided by law.

Provide for the approval of the sureties on the bond, without regard to any general provision of law.

Authorize the execution of a term bond, the conditions of which will extend to and cover similar cases of importations over a period of time, not to exceed one year or such longer period as he may fix, when in his opinion special circumstances warrant a longer period.

Authorize the taking of a consolidated bond (single transaction or term) in lieu of separate bonds to assure compliance with two or more provisions of law, regulation, or instruction. Such a consolidated bond will have the same force and effect as the separate bonds in lieu of which it was taken. The Commissioner of CBP may fix the penalty for violation of a consolidated bond without regard to any other provision of law, regulation, or instruction.

Previous Section
§ 113.1 - Authority to require security or execution of bond.
Next Section
§ 113.3 - Liability of surety on a terminated bond.