How to get a Continuous Customs Bond to Import Goods?by Samuel C. Customs Advisor
If you are a frequent importer in United States, this article is for you. A customs bonds (301 customs bond) is like an insurance paper that is mandatory for shipping in US. It is a surety bond between custom and importer that guarantee some specific obligations to be fulfilled. If an importer fails to pay taxes, fees, penalties and fines, customs bond aid government (CBP) to recover this money and identifying the defaulter. CBP Form 301 is required to be filled to obtain a continuous import bond or customs surety bond.
There are two types of Customs Bonds CA allocated by U.S. Customs and Border Protection (CBP). First one is single entry customs bond and another is continuous custom bond or continuous transaction bonds. The single entry custom bond allows you to import once in a year. On the other side, continuous transaction bond is a bond that will cover all shipments imported within one year.
What is Single Entry Bonds?
As you read earlier, a Single Entry Bonds is another option to obtain for only shipment in a year. It is affordable as well as easy to possess. A carrier with its commercial value excess 2,500 is allowed by CBP to go with single entry customs bonds. You can get it by filling customs form CF 301.
What is a Continuous Transaction Bonds?
Importer and vessel carriers who do more than one shipment in a year are allowed to acquire a continuous transaction bonds/continuous customs bond/301 customs bond. There is a common continuous bond of $50,000 amount in US. Basically continuous bond is 10% fees paid for 12 months. Shippers can use this bond for all the imports during one year of period. The benefit of continuous transaction bonds is, it automatically renewed/reissued after a year.
Get Continuous Custom Bond
A continuous custom bond/continuous transaction bonds can be acquired from a custom broker who is licensed and certified by U.S. Department of the Treasury. They are well familiar with CBP Form 301 and Customs Form CF 301. Customs brokerage sometimes charges more than required. So make sure to visit an experienced custom bond consultant company which had already done work for other importers/exporters in past.
What is an OTI Bond?
OTI Bonds are necessary to run an ocean freight forwarders (OFFs) business successfully in United States. It is mandatory for non-vessel operating common carriers (NVOCCs) and licensed non-U.S.-based NVOCCs who wish to perform ocean freight forwarder services. OTI Bonds are demanded by Federal Maritime Commission (FMC) from all ocean freight forwarders. There are many third party insurance companies (of course those who are professionals and experienced) available where OFFs can apply for OTI Bonds NJ.301 Customs Bond, Continuous Import Bond or customs surety bond are the documents to learn and possess if you are a carrier service. Customs Bonds are vital to manage any problem during inspection on various customs.
Created on Nov 16th 2018 06:31. Viewed 505 times.