A Customs bond is a contract between three parties (Customs, a principal (i.e. an importer), and a surety) to ensure that all the duties and fees associated with the rules and regulations of importing or other Customs activities are paid to Customs by the principal.
The average cost for a continuous customs bond when purchased from a broker is $400-$500 per year or more.
Surety Bond Cost Breakdown
| $10 / M | $50 / M | |
|---|---|---|
| $10,000 Surety Bond | $100 | $500 |
| $12,500 Surety Bond | $125 | $625 |
| $25,000 Surety Bond | $250 | $1,250 |
| $30,000 Surety Bond | $300 | $1,500 |
Customs Bonds Ensure Duties Are Paid
A bond is a contractual agreement between the U.S. Customs and Border Protection (CBP), the surety company and the importer of record. ... The company issuing the bond is called the surety. A customs bond guarantees that the taxes, duties and fees are paid on all imports.
Customs Bonds are required by the CBP for all commercial imports valued at $2500 or more, even if a shipment is duty-free. *Also known as a Surety Bond or Import Bond.
The company issuing the bond is the known as the surety.
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 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)
How are CBP (U.S. Customs) bonds approved by the surety? Generally, a minimum $50,000 bond is subject to immediate approval. Larger limit bonds may require submission of a completed and importer-signed application and financial statement to obtain approval. This process of approval can take 2-5 working days.
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