Difference between bond execution and bond acceptance

 The information provided here is part of Online export import training guide 

 

Bond execution and bond acceptance

 

This is a common term in the trade of International business of imports and exports – Bond execution and bond acceptance.

 

What is bond execution and bond acceptance? I do not think there are major differences other than the ‘dictionary meaning’. However, let me explain these terms for beginners in the trade of imports and exports.

 

If you need to execute bond with any authorities, you need to collect a specimen copy of specified format of bond from the respective authority which you need to execute. Once after collecting such sample copy of bond, you arrange to prepare a bond in the said specified format. After paying necessary legal fee to government authorities against said bond, the bond is submitted with the authorities after necessary signature of bond executor or his authorized representative. If any witness or witnesses required, the signature and full style of addresses are mentioned as witness. The execution of bond takes place once after submission of such bond with the authorities.

Difference between bond execution and bond acceptance copy

The authorities once after receiving receipt of such executed bond, verifies by the authorities about all contents of bond and confirms all details mentioned in the bond is in order. If the authorities satisfy with all particulars mentioned in the bond including the authenticity of signatures and stamps affixed in executed bond signs in a particular space allotted for ‘acceptance’ in said bond. The authorized representative of authority signs and stamps a bond if applicable by mentioning ‘accepted on behalf of …’ wherever applicable. The date of acceptance of such bond is also mentioned on the executed bond. Once the bond is signed as acceptance, the date of such acceptance is accepted from which the executed bond comes in force.

 

Executing and accepting of bond is common procedures. However, some of the traders are confused about acceptance and execution of bond. I hope, you got clarified with the difference between bond acceptance and bond execution. I know, the term bond execution and bond acceptance are a simple term which expresses its grammatical meaning. However I am sure, this article may help some of the beginners in our industry of international trade. Let me have your experience on bond execution and bond acceptance in imports and exports.

 

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The above information is a part of Import Export course online


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