Customs bonds can be purchased through a Customs Broker licensed in the US. A Customs Broker deals directly with the Bond Provider, known as a Surety Company. When a bond is purchased, the Customs Broker files a unique bond number on behalf of the Importer.
The average cost for a continuous customs bond when purchased from a broker is $400-$500 per year or more.
A Customs bond is a legal contract between a principal (importer or shipper), a Surety company, and CBP that guarantees the importer complies with Customs regulations and that CBP is paid for applicable import duties, taxes, fines and penalties.
A bond is required if you are importing commercial goods that are valued over $2,500. It is also required if your goods are subject to requirements from other U.S. government agencies.
A single entry bond provides this guarantee for one single import transaction. The single entry bond amount must be equal to the entire value of the goods, plus the duties, fees, and taxes required on the important transaction. Single entry bonds can be written at a minimum value of $100.
The length of a bond filling period is primarily determined by CBP. Although this time varies, the common $50,000 Continuous Import Bonds typically require 15 calendar days to become active. Other types of Customs Bonds or bonds of different amounts could require more notice and take longer to put in place.
Businesses who regularly import goods into the United States will benefit greatly from a continuous bond. More economical and efficient than a single entry bond for frequent importers, a continuous bond allows you to import frequently and through various ports of entry.
INDEMNITY BOND EXECUTED IN PURSUANCE OF. REGISTRATION OF INTELLECTUAL PROPERTY RIGHTS. WITH INDIAN CUSTOMS. [See Rule 5(b) of Intellectual Property Rights (Imported Goods)
Continuity Bond
(Without Bank Guarantee or Cash Deposit) (To be executed by the Importer of goods without bank guarantee/cash deposit under section 18 of the Customs. Act, 1962 (52 of 1962)
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