Q.Explain the following term/concept:
Bonded Warehouses

A warehouse creates time utility by storing goods until they are demanded.

Goods are often produced in one season or in bulk but are consumed throughout the year. A warehouse is a place for the safe storage of goods, and by holding them from the time of production until the time of sale or consumption, it creates time utility — the goods become available exactly when customers want them.

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The correct answer is Cold storage. Cold storage (refrigerated) warehouses keep perishable goods fresh by storing them at low, controlled temperatures.

Warehousing is a business service that provides storage of goods until they are needed. Different types of warehouses exist for different needs, and the type chosen depends on the nature of the goods stored.

• Cold storage warehouses maintain low temperatures with refrigeration and are used for perishable items like fruits, vegetables, dairy products, fish and meat that would otherwise decay.
• Bonded warehouses are used to store imported goods on which customs duty has not yet been paid; the goods are released once the duty is cleared. …