[Code of Federal Regulations]

[Title 19, Volume 1]

[Revised as of April 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 19CFR12.3]



[Page 263-264]

 

                        TITLE 19--CUSTOMS DUTIES

 

   CHAPTER I--BUREAU OF CUSTOMS AND BORDER PROTECTION, DEPARTMENT OF 

              HOMELAND SECURITY; DEPARTMENT OF THE TREASURY

 

PART 12_SPECIAL CLASSES OF MERCHANDISE--Table of Contents

 

Sec.  12.3  Release under bond; liquidated damages.



    (a) Release. No food, drug, device, cosmetic, pesticide, hazardous 

substance or dangerous caustic or corrosive substance that is the 

subject of Sec.  12.1 will be released except in accordance with the 

laws and regulations applicable to the merchandise. When any merchandise 

that is the subject of Sec.  12.1 is to be released under bond pursuant 

to regulations applicable to that merchandise, a bond on Customs Form 

301, containing the bond conditions set forth in Sec.  113.62 of this 

chapter, will be required.

    (b) Bond amount. The bond referred to in paragraph (a) of this 

section must be in a specific amount prescribed by the port director 

based on the circumstances of the particular case that is either:

    (1) Equal to the domestic value (see Sec.  162.43(a) of this 

chapter) of the merchandise at the time of release as if the merchandise 

were admissible and otherwise in compliance; or



[[Page 264]]



    (2) Equal to three times the value of the merchandise as provided in 

Sec.  113.62(l)(1) of this chapter.

    (c) Liquidated damages. Whenever liquidated damages arise with 

regard to any food, drug, device or cosmetic subject to Sec.  12.1(a) 

for failure to redeliver merchandise into Customs custody or for failure 

to rectify any noncompliance with the applicable provisions of 

admission, including the failure to export or destroy the merchandise 

within the time period prescribed by law after the merchandise has been 

refused admission pursuant to the provisions of the Food, Drug and 

Cosmetic Act, those liquidated damages will be assessed pursuant to 

Sec.  113.62(l)(1) of this chapter in the amount of the bond prescribed 

under paragraph (b) of this section.



[T.D. 01-26, 66 FR 16853, Mar. 28, 2001]