Are Revisions Permitted to the Format of the General Bond L/G Annexed to GACC Announcement No. 31?
07/07/2011
Question: When we consulted with the bank on the issuance of general bond for Customs protection of IPR, the bank said that it intended to make some revisions to the terms specified in the format of the general bond annexed to GACC Announcement No.31. Will the GACC accept such revisions?
Answer: In principle, as the annex to that Announcement, the format of the general bond L/G may not be revised without authorization. However, if the bank really needs to add or change some words and sentences in the format of the L/G specified by GACC subject to the restrictions of its business practice in terms of issuance of L/G to its customers, in case that the aforesaid addition or changes do not affect the rights and obligations of the parties concerned specified by the Announcement No.31, GACC may accept the said addition or changes to facilitate the use of general bond by more IPR holders. But for prudence, it is recommended that the applicant should consult the IPR Enforcement Office of the Department of Policy & Legal Affairs, the GACC.
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