There are various checking procedures that should be carried out to ensure that:
- the wording is as set out in ADCD02500
- the bank undertaking the guarantee is on the list of approved banks set out in Tax Accounting Policies (Financial Securities)
- where a financial limit is included, the amount specified is sufficient to cover any potential ADD due
- a local reference number should be allocated for each standing guarantee
- this number should be advised to the importer/agent for use in future entries where appropriate
- details of the guarantee should be retained and filed locally.