Bonded Warehouse - Definition - Law Dictionary Home Dictionary Definition bonded-warehouse

Definition :

Bonded warehouse, a warehouse licensed by the Commissioners of Customs and Excise for the storing of dutiable goods without payment of the duty until they are 'cleared,' i.e., taken away. So called owing to the bond into which it is necessary to enter in order to secure that the Crown does not lose the duty by the goods being removed into the country without payment. Goods in such a warehouse are said to be 'in bond.'