Guarantee waiver
Also called: reduced guarantee · teminat muafiyeti
An arrangement under which a reliable authorised operator may use a comprehensive guarantee at a reduced amount, and in some cases with no guarantee at all, for potential customs debts such as those arising in transit. The level of reduction depends on criteria close to those for AEO status.
In practice
A waiver frees up bank guarantee lines, but it can be withdrawn quickly if irregularities occur.
EU
Türkiye
UKRelated terms
- Comprehensive guarantee
- A single guarantee covering the amount of duties for several operations, declarations or procedures over time, rather than one shipment. It is fixed…
- Customs guarantee
- Financial security, such as a cash deposit, bank guarantee or surety undertaking, provided to ensure payment of a customs debt that has arisen or may…
- Authorised Economic Operator
- A status granted by customs to operators that meet criteria on compliance, record-keeping, financial solvency and, for the security type, safety…
- Transit
- A procedure that lets goods move under customs control from one point to another, within a territory or between countries, without paying duties and…