III.3.3.1. Responsibility and approval

Article 21 of Appendix I to the Convention
Articles 160 and 161 of the AE

Commitments entered into by a guarantor for the purposes of an individual guarantee in the form of securities (TC32) are presented and approved at the guarantee customs office. They are kept at customs for their entire period of validity. Furthermore, the customs office will have to register the commitments and titles in the GUM.

The agreement does not mention a maximum amount of debt. The guarantor's office must ensure that the guarantor has sufficient financial resources to pay any (customs) debt that may arise. In particular, customs may consider limiting the number of securities issued by a given guarantor.

The guarantor's undertaking model is set out in Annex C2 of Appendix III to the Convention/Annex 32-02 to the Agreement. However, where required by common practice or national laws, regulations or administrative provisions, each country may allow the commitment to take the form of a different model, provided that it has the same legal effects as the model provided for in Annex C2 or Annex 32-02.