Obtaining 301 Customs Bond through Customs Brokerby Samuel C. Customs Advisor
Customs men are always there for inspection of contrabands at the US ports. Have you wondered why you need to carry the additional load of documents and papers before importing cargo into the United States? This is simply because the government never wants any harm or assault happening again due to weak security policies. Since the enforcement of CBP, it has helped the country extensively in dismissing major risks through coming carriages. If you want to make a large overseas shipment, from Canada to the US or from China to the US, you should the legal process to avoid troubles.
The importing will involve a large volume of paperwork, verification, and documentation which is not an easy part. A 301 customs bond is necessary to make the importation valid or even possible. The kind of customs surety bond required from importers is also be referred to as CBP Form 301. It is simply because surety has to fill this 301 section form to obtain a continuous import bond or single entry bond.
301 Customs Bond Explained
The international carriers who wish to do trading to the US via ocean vessels are required to obtain 301 customs bond. It is defined under moderation act that imposes the responsibility to the importer that he will pay duties and taxes assessable to commodities entering the land. A bond is an agreement between three parties the importer (principal), the surety (broker or insurance agency), and obligee (CBP). The goods which are subjected to restrictions of the federal government such as firearm or foods can be obstructed or hung at the port for months if the importer fails to prove his sufficiency.
Who are Customs Brokers?
Customs surety bond brokers are professionals who know all ins and outs of the transportation industry. They possess extensive knowledge about how to clear goods in a different part of countries and through customs agents. They are expert in managing government related forms and reducing workload from their client’s shoulders. Brokers can help you in calculating the exact bound amount and getting it in a quick timeframe. To become a broker, a person needs to pass a strict exam containing 80 questions as per the syllabus of American Customs Association.
Types of BondsThere are two types of bond – continuous import bond for more than two times transactions in a year and single entry bong which is for one-time importation. When the commercial value of cargo exceeds $2,500 value it becomes mandatory to acquire bonds of a minimum $10,000. You can purchase 301 customs bond from a U.S. Treasury Department and Customs and Border Protection licensed broker.
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Created on Mar 5th 2019 00:46. Viewed 340 times.