3 Requirements for Obtaining Continuous Import Bond
by Samuel C. Customs AdvisorImporters are always interested in the latest information
about changes in the customs sector. Periodic updates regarding loading,
unloading, clearing and logistics ensure your identity. The role of brokers is
convincing on the condition that an operator has doubts about certain import
processes. Prices, regulations and fines may vary depending on the type of
products shipped to the United States. A continuous import bond covers a
certain percentage of the total amount of fees, taxes and charges that the bondholder
must pay during the 12-month period.
Shipments that are scheduled to land by oceanic ships in the
United States must be subject to a specific customs bond. Container goods are assessed by the broker or
insurance company before the price of these bonds is determined. The activity
code 1 for customs and border protection (CBP) of the United States is very
important to understand before the decision is made to import abroad. Let's
look at some important requirements for the “continuous import bond”.
Licensed Customs Broker
The role of a customs broker is of fundamental importance at
the stage of obtaining customs bond. Most companies refrain from risks and
problems when importing valuable materials. International shipping agents must
provide proof of financial responsibility to the Federal Maritime Commission
(FMC). The FRFI hires a customs officer to assist the customer in the import
process.
Involvement
Yes, to acquire a continuous customs bond, the
participation of three parties if necessary. The creditor (CBP), the principal
(owner of the shares) and the guarantee company are the three most important
parties involved in these customs bonds. It guarantees CPB authorities that they
can raise money up to the amount of the insurance company's bond if the
customer violates the relevant rules, laws or regulations during the process.
Bond Amount
There are two types of valid bonds, Continuous Customs Bond
and Single Entry Bond. If you choose the first one, it is valid for twelve
months of the period in which you can make as many entries as possible and are
automatically renewed after one year. Finally, the bonus for one transaction is
only valid for import in one year. The bonus amount can vary per case.
If the commercial value of the shipment exceeds $ 2,500, you
must receive a $ 50,000 bonus. In most cases, customs bonds can be purchased
for as little as $ 259.00 a year.
Sponsor Ads
Created on Feb 3rd 2020 00:55. Viewed 347 times.