S.V.B. P.D. Continuity Bond

S.V.B. P.D. CONTINUITY BOND

The President of India
Through Commissioner of Custom
New Custom House,
IGI Airport, New Delhi.

KNOW ALL MEN BY THESE PRESENTS THAT WE M/S.___________________ Address: __________________________________________________________herein after called the Importers (which expression shall include its successors or successors, heirs, executors administrators and representatives) are held and firmly bound unto the President of India hereinafter called the "President" (which expression shall include his successors and assigns) in the sum of Rs. 50,000,00.00(Rupees Fifty Lacs Only.) to be paid to the President for which payment will and truly to be made ,we bind overselves , our successors/heirs ,executors administrators and legal representatives firmly by these presents on this __ Day of______________

Sealed with our seal this on

WHEREAS The Dy. Commissioner of Customs/Principal appraiser at NCH IGI New Delhi (hereinafter called the ("Proper Officer") has agreed to make provisional assessment of certain goods imported from time to time by the importer, pending submission of further documents and furnishing information and / or completion of further inquiries and/or chemical or other test and the proper officer has agreed to allow clearance of the goods subject to the importer's production within one month from the date hereof a valid license the import of the goods mentioned in the schedule of proving to the satisfaction of proper office at the Import Trade Control License No. OGL, produced by the importer is valid fro an over the goods mentioned in the schedule below and upon the importer and the surety agreeing to furnish such bond as is herein contained.

NOW THE CONDITION OF THE ABOVE WRITTEN BOND IS SUCH THAT:

1. If the importer shall within one year form the date of importation of the respective Consignments or within such extended period as the proper officer may allow to Produce such documents and furnish such information as may be called for by the Proper officer to establish that the value.
2. If 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 form time to time.
3. If the importer deliver, or cause to be delivered to the proper officer with in one month of a demand being made by the proper officer a valid import license covering the entire goods mentioned in the schedule below.
4. If the importer pays to the President any penalty and any fine that may be adjusted in lieu of confiscation of the said goods for the importation of the goods or part there of without valid Import License.

Then the above written bond shall be void and of no effect otherwise the same shall remain in full force and Virtue.

AND IT IS HEREBY AGREED AND DECLARED by and between the parties as follows:-

1. The bond is given under the orders of the Central Government of the performance of an Act in which the public are interested.
2. This bond shall remain valid till the finalization of the matter form the date hereof and the obligation and liability of the importer shall be a continuing one in respect of all goods imported form time to time by the Importer between the period --------.
3. The Dy. Commissioner of Customs at NCH. IGI, New Delhi or other officer of the Government 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 the rights conferred on them by law or this bond and either to enforce or forebear to enforce any such powers and rights or any remedy against the importer and importer shall not be released by any such exercise or non-exercise by the Dy Commissioner of Customs at NCH IGI, New Delhi or other officer of the Government of India or by reason of time being given to the importer or by any variation or deviation in the terms forbearance act or omission on the part of the Government officer to the Importer.
4. Of the government officers to the importer which under the law relating to surety would be put for this which under the law relating to surety would put for this provision have effect releasing the surety.
5. In order to give effect to this guarantee the president shall be entitled to act as if the surety was the principal debtor and surety waive all rights as surety and other right which may be inconsistent with the above provisions.
6. The right of the president to recover the said amount from the surety in the manner aforesaid will not be effected or suspended by reason of the fact that any dispute or disputes have been raised by the importer with regard to the liability or that any proceedings are pending before any officer, Tribunal or court with regard there to or in connection therewith.
7. The guarantee herein continued shall not be determined or affected by the liquidation or winding up of the importer.
8. The President through the Dy Commissioner of Customs, NCH IGI, New Delhi or other officer may recover the said sum of RS. 50,000,00.00-(Rupees Fifty Lacs Only.) in the manner laid in sub section (1) of Section 142 of the Customs Act, 1962 without prejudice to any other mode of recovery.
9. The Surety has power to give this guarantee in favour of the President and the signatory of this bond on behalf of the surety has full power to sign this bond.

THE SCHEDULE ABOVE REFERRED TO PARTICULARS OF THE GOODS.

1. B/E. NO. & DATE :
2. Description of goods :
3. Quantity :
4. CIF Value :
5. Assessable Value :
6. Duty Difference :
7. Bond Value : Rs. 50,000,00.00

In witness whereof the importer and the surety have herein set and subscribed their representative hands seals the day, month and year first above written.

Signed and delivered by

In the Presence of Witness:-

1. Signature
   Name
   Address
2. Signature
   Name
   Address