TIB stands for Temporary Importation under Bond and is a procedure whereby, under certain conditions, merchandise may be entered -- for a limited time -- into U.S. Custom's territory free of duty. Instead of duty, the importer posts a bond for twice the amount of duty, taxes, etc. that would otherwise be owed on the importation. Under this procedure, the importer agrees to export or destroy the merchandise within a specified time or pay liquidated damages, which are twice the normal duty. Only certain items, listed below, may be entered as a TIB.