Regulation & law · 17/10/2008

CBP Announces Guidelines for Liquidated Damages and Bond Principal Liability in ACE Periodic Monthly Statement Payment Process Test

Customs and Border Protection (CBP) has released guidelines for assessing and mitigating claims for liquidated damages against participants in the National Customs Automation Program (NCAP) who fail to pay estimated duties on time, including the authority to suspend bond principals from participating in the test and require them to pay duties and fees on an entry-by-entry basis.