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Article 5.14
Release of Goods
1. Each Party shall adopt or maintain procedures:
(a) providing for the release of goods within a period of time no greater than that required to ensure compliance with its customs laws and regulations;
(b) allowing goods in normal circumstance to be released within twenty-four (24) hours upon the arrival into the territory of each Party, provided that the relevant customs declaration has been registered and all other regulatory requirements have been met; and
(c) allowing importers who have complied with the procedures that the Party may have relating to the determination of value and payment of customs duties, taxes, fees and other charges collected by customs authorities in connection with importation to withdraw goods from customs, but may require importers to provide a guarantee (security) as a condition to the release of goods, if such guarantee (security) is required to ensure that obligations arising from the entry of the goods will be fulfilled, provided that all other regulatory requirements have been met.
2. Each Party shall:
(a) ensure that the amount of any guarantee (security) is no greater than the amount the Party requires to ensure payment of customs duties, taxes, fees and other charges collected by customs authorities in connection with importation ultimately due for the goods covered by the guarantee (security);
(b) ensure that any guarantee (security) shall be discharged as soon as possible after its customs authorities are satisfied that the obligations arising from the importation of the goods have been fulfilled; and
(c) adopt or maintain procedures allowing:
(i) importers to provide a guarantee (security) covering multiple entries; and
(ii) importers to provide a guarantee (security) in any form specified by a Party's laws and regulations.
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