4Penalty

4 Penalty

Where: (a) a tender furnished by a person in accordance with a call for tenders made under a scheme under Part XV of the Customs Act 1901 has been accepted; and (b) the person refuses, or fails, when required by a Collector under section 42 of that Act to do so, to give a security for payment of any penalty in connection with the relevant Customs undertaking that the person may become liable to pay to the Commonwealth under the Customs Undertakings (Penalties) Act 1981; there is payable by that person to the Commonwealth, by way of penalty, an amount equal to the prescribed percentage of the value of the goods to which that undertaking relates.