A customs bond covers the payment of duties and taxes for imported goods to the U.S. government. ... A customs bond is a required document that acts as an insurance policy. A customs bond is an imports bond that ensures payment of duties and taxes to the United States government upon the import of goods and commodities.
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.
The average cost for a continuous customs bond when purchased from a broker is $400-$500 per year or more.
A customs bond is essentially an insurance policy that guarantees the payment of import duties and taxes to the United States government, even in the extreme event (bankruptcy for example) that your company can't pay.
A Continuous Customs Bond* is valid for one year, and allows goods to be imported into the United States in accordance with US Customs and Border Patrol (CBP) requirements.
A single entry bond will be billed at $5.50 per 1000$ of the bond amount or $55.00 Minimum fee. Cost of the bond in this case would be $221.10. For shipments falling under the following categories, U.S.Customs requires that the bond amount equal three times the value of the cargo: Food and Drug Administration (FDA)
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.
A customs bond is like an insurance policy that guarantees payment of all duties and fees related to a shipment. As an importer, you purchase a bond from a surety company, who guarantees the US government that all corresponding shipment fees will be paid for.
A Customs Import Bond is a financial guarantee between the Insurance/Surety Company issuing the Customs Bond, Importer of Record, and Customs & Border Protection (CBP). Per regulations, CBP requires all importers to file an Activity Code 1 - Import Bond in order to clear their entries, even if the goods are duty free.
The company issuing the bond is the known as the surety.
The easiest way to get a bond is often through your customs broker or international freight forwarder, who can take care of all the paperwork. If you're doing it on your own, you must purchase a bond from a surety licensed by the Treasury Department.
Yet No Comments