Carnet Bonds And Touring Insurance For Your Band | What is a Carnet?
Carnet Bonds: (pronounced ‘car-neh’)
Carnet bonds must be posted with the Chamber of Commerce when you are taking your equipment outside of the country. A carnet is like a passport for the property you are taking on the road. It allows you to pass into a country with your equipment duty & tax free.
A carnet is a financial guarantee with the government that pays the duty or taxes if the gear doesn’t return and it is used to prevent companies or individuals from importing property without paying these charges. You will be required to complete an ATA Carnet application along with a detailed list of the property with the Chamber of Commerce.
You will need to include the current value of the equipment not the new cost. This will be used to calculate the amount of your carnet. While you can purchase a carnet from a broker, the Chamber of Commerce offers an excellent on-line system for purchasing the Bond and the rates are generally more competitive than purchasing it on your own.
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