ADCD02450 - Control: guarantees

There are various checking procedures that should be carried out to ensure that:

1. the wording is as set out in ADCD02500
2. the bank undertaking the guarantee is on the list of approved banks set out in Tax Accounting Policies (Financial Securities)
3. where a financial limit is included, the amount specified is sufficient to cover any potential ADD due
4. a local reference number should be allocated for each standing guarantee
5. this number should be advised to the importer/agent for use in future entries where appropriate
6. details of the guarantee should be retained and filed locally.