SVB CONTINUITY BOND
President of India
Know all men by these presents that M/s ________________________________________________ hereinafter called the importer (which impression shall include its successors/heirs, executors, administrators and legal representatives) held and firmly bound into the President of India hereinafter called the President which expression shall include his successors and assigns) in the sum of Rs.______________ (Rupees______________________ ___________________________________only) to be paid to the President for which payment well and truly to be made we bind ourselves, our successors/heirs, executors, administrators and legal representatives family by these presents).
Sealed with our seals this_________day_____
Whereas the Assistant Commissioner of Customs,___________(hereinafter called the Prpoer Officer) has agreed to make provisional assessment of the goods imported from time to time by the importers M/s___________________ ______________________________from M/s_______________________________________________________ and their associated and connected compliances pending submission of further documents and furnishing information for the determination of assessable value under Section 14 of the Customs Act, 1962 with Custom and valuation (Determination of price of importers goods) Rule, 1988 and any other provisions that may be made in this behalf from time to time upon the Importer agreeing to furnish such bond as is herein container.
NOW THE CONDITION THE ABOVE WRITTEN BOND IS SUCH THAT
1. If the importer shall within one month from the date of Importation of the respective consignment or within such extended period as the proper officer may allow produce such documents and finish such information as may be called for by the Proper officer, and
2. The importer pays to the President the difference between the duty finally assessed and the duty provisionally assessed in the respect of the goods imported from time to time , and
3. If the importer pays to the President any penalty and any fine that may be adjudged in lieu of confiscation of the said goods for importation of the goods or part thereof without valid Import License.
Then the above written bond shall be valid and of no effect otherwise the same shall remain in all force and virtue.
AND IT IS HEREBY AGREED AND DECLARED BY AND BETWEEN THE PARTIES AS FOLLOWS :-
1. This Bond is given under the orders of the Central Government for the performance of an act in which the Public are interested.
2. This bond shall remain inforce for a period of five years, from the date hereof and the obligation and liability of the Importer shall be a continuing one in respect of all goods/imported from time to time by the between the period dated________ to __________________.
3. The Assistant Commissioner of Customs, Special valuation Branch at __________ or other office of the Govt. of India shall have full liberty without affecting the guarantee to postpone for any time or from time to time the exercise of any of the powers and rights conferred on them by law or this bond and either to enforce any such powers and rights or any remedy against the importer and the importer shall not be released by any such exercise by the Assistant Commissioner of Customs, Special Valuation Branch at ______ or other officer of the Government or by reason of time being given to the Importer or for any other forebearance, act or omission on the part of the Government officers to the importer.
4. The guarantee herein contained shall not be determined or affected by the liquidation or winding up of the Importer.
5.. The President through the Assistant Commissioner of Customs,______________ or other officer may recover the said sum of Rs.__________ (Rupees________________________________only) or a portion thereof in the manner laid n sub-section(1) of Section 142 of the Customs Act, 1962 without prejudice to any other mode of recovery.
6. The guarantee hereby given shall be a continuing one and shall not be revoked or released without express written consent of the President of India or the Commissioner of Customs or the Assistant Commissioner of Customs.
7. That the payment of the amount of the bond will be have no effect on the liability of the importers to punishment or to any action provided by law.
8. It is also agreed that importer shall pay cash duty deposit as demanded, with each of the consignment assessed provisionally.
IN WITNESS WHEREOF the Importer have herein set and subscribed their respective hands and seals the day _________ signed and delivered by for and on behalf of the Importers.
In the presence of witness :
a) Signature :
b) Designation :
c) Address :
a) Signature :
b) Designation :
c) Address :