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CLG News
Coastal Logistics Group, Inc. Awarded Custom Bonded License
Posted: Thursday February 25, 2010 • Category: Press Releases
Coastal Logistics Group, Inc. (CLG) has been awarded a custom bonded license by the U.S Customs and Border Protection. This major milestone demonstrates the company’s commitment to providing a broad range of value added solutions supporting their continuing domestic and export market growth plans.
Bonded warehousing can play a significant role in aiding importers and exporters by improving their cash flow position significantly. Storing goods at CLG under the customs bond enables companies to legally delay the payment of duty until the goods are issued from stock for up to three years. Also when the duty payment is held on goods until the sale/issuance then the depreciation value is relative to the duty. There are no longer losses due to inflation from when the goods come in the U.S. and when they are purchased.
By becoming bonded CLG is also required to have increased security for customs goods often reducing the insurance costs on stored goods for their customers. The storage site will be protected by armed guards and is subject to scheduled and spontaneous inspections.
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