Types of Securities
A Customs security may be given in the following forms to the satisfaction of the Commissioner:
- Bond, in such sum and subject to such conditions and with such sureties as the Commissioner may reasonably require;
- Cash deposit; or
- Partly by bond and partly by cash deposit.
There are two types of a Customs Bond:
- Particular bond- This is a bond that covers only a single specified transaction and it is valid for a period ranging from forty-eight hours to twelve months. It is executed in accordance with the provisions of Section 117 of EACCMA, 2004 and has no provision for further extension. It is retired/discharged upon completion of the specific Customs transaction.
- General bond – This is a bond that covers many transactions and is valid for a duration of three years. It is executed in accordance with Section 107(3) of EACCMA, 2004 and it is replenishable.