Importance Of Continuous Import Bond At The US Port Of Entry

by Samuel C. Customs Advisor

It won't be a scavenger's hunt if one desires to obtain continuous import bond, but knowing the importance of it is vital. When it comes to importing goods into the United States, importers are always recommended to read through important lengthy information about customs functioning. It is crucial for the company which tends to do merchandise through ocean ships for the first time.

U.S. Customs and Border Protection is highly active in detecting the commodities which are prohibited to land into the country. Since, many cases caught plainly regarding the harbour insects, drugs, and hazardous material such as arms entering illegally into the country via ocean, CBP has become really strict and active on every entry port to investigate every aspect of the importing property.

Continuous Import Bond

Customs import bond is also referred to as customs surety bond because of its attributes. If businessmen want to import goods to the U.S., it is mandatory to hold a valid license of surety in form of continuous import bond or 301 customs bond. These types of bonds are also used while transporting goods via aeroplane or any other carriage.

It can be used for an annual period e.g. if you acquire these legal licenses you would be authorized to do shipment within that year. It doesn't mean that you won't have to face security and inhibition, your commercial commodities would still be subjected to undergo formal inspection. You can renew this type of bond after a year.

Price of Customs Surety Bond

Customs surety bond is to guarantee the payment of all duties and taxes imposed at the commodities and it must be a total 10% of the amount. If your stock's value reaches the exceeding mark of $25,000, it becomes necessary to carry continuous import bond worth $50,000. One can purchase these bonds from any brokerage or insurance firm that costs between $250 and $500.

Importance of Continuous Import Bond at Entry Process

When the shipment reaches the U.S. entry ports, the next step is to file importer record. After that CBP decides after a complete assessment of duties being paid already or not. It becomes importer's responsibility to have enough evidence to produce in front of officers to overcome the examination.

The role of continuous import bond or in case you call it 301 customs bond due to its association with that complex CBP Form number 301 here becomes really effective. At port CBP often emphasize on bonds straightforwardly. After that when the time comes of transporting goods to another destination, a certified carrier always asks for documents. So there, one requires manifesting customs surety bond.