A bonded store is a type of warehouse or storage facility where imported goods are stored under the supervision of customs authorities. It is a secure area where goods are held until they are either re-exported or cleared for entry into the country. Bonded stores are commonly used in international trade to facilitate the movement of goods across borders and to ensure compliance with customs regulations.
Definitions
A bonded store is a secure warehouse or storage facility where imported goods are stored under the supervision of customs authorities. The term “bonded” refers to the fact that the goods are held in bond, or under a legal obligation to pay any customs duties or taxes that may be due.
Origin
The concept of bonded stores dates back to the 18th century, when European countries began to establish customs warehouses to facilitate trade with their colonies. These warehouses were typically located in port cities and were used to store goods that were awaiting clearance by customs officials.
Meaning in different dictionaries
According to the Cambridge Dictionary, a bonded store is “a place where goods are kept that have not yet been officially imported, and where they can be stored without payment of customs duty until they are needed.”
The Merriam-Webster Dictionary defines a bonded store as “a warehouse in which goods are stored under bond until duties are paid or the goods are cleared for delivery.”
Associations
Bonded stores are commonly associated with international trade, particularly the import and export of goods. They are also associated with customs regulations and compliance, as goods stored in a bonded store must be accounted for and cleared by customs authorities before they can be released.
Synonyms
Some synonyms for bonded store include customs warehouse, bonded warehouse, and duty-free store.
Antonyms
There are no direct antonyms for bonded store, but some related terms might include non-bonded warehouse or non-duty-free store.
The same root words
The term “bonded” comes from the Middle English word “bond,” meaning a legal obligation or agreement. It is related to the modern English word “bondage,” which refers to a state of being bound or under obligation.
Example Sentences
- The importer stored the goods in a bonded store until they could be cleared by customs.
- The duty-free shop at the airport is an example of a bonded store.
- The customs officials inspected the goods in the bonded warehouse before releasing them for sale.
- The company used a bonded store to avoid paying customs duties on the imported goods.