What are Customs Bonds and why you should choose Continuous Transaction Bonds?by Samuel C. Customs Advisor
The customs bonds can appeal you most if you ship
frequently. Customs bonds are simply commitments between customs (U.S Customs
and Border Protection – CBP) and the importer which contains important
agreements of taxes and import duties.
It is kind of contract that fulfills few of the importer’s duties.
What are Customs Bonds?
If you want to import some goods in US, a customs bond is really necessary because it makes the process easy, especially when someone imports goods for commercial purpose. It is government authorized bond that gives you permission to import/export something. There are two types of bonds – Single Entry Customs Bonds and Continuous Transaction Bonds CA. Without customs bonds, your goods will not be accepted in U.S.
Single Entry Customs Bonds
Single Entry Bonds or Single Transaction Bonds are the bonds which you can use for only one import shipment. If you plan to import a container with its commercial value in excess $2,500, you would be able to purchase a single transaction bond that you can use only for single time.
Continuous Transaction Bonds
You can acquire a Continuous Customs Bonds/Continuous Entry Bonds/Continuous Transaction Bonds if you want to make multiple shipments in a single year. Continuous Transaction Bonds particularly refers as 365 days bond. It is completely depends on your company’s shipping strategy as if you don’t transport very frequently in a year or just two times in a year, prefer single entry bonds. They will be cheaper than annual bonds. But in case you have more shipping than you should go with continuous transaction bond.
Just like car insurance, Customs Bonds CA is also provided by third party insurance providers commonly referred to as surety companies. But here you will be insuring your goods along with your property. If you are planning to import/export your valuable property you should be aware of best custom bond insurance company, customs brokers and suitable freight forwarding company.
International Freight Forwarders
There is much more headache and risk in doing bond work for yourself. The easiest way to acquire a single entry custom bond or continuous custom bond is to contact experienced custom brokers or international freight forwarders. CBI Customs Bond & Insurance Company can help in dealing all the paper work in affordable rates. They are professional insurance brokers and can easily done all your OTI Bonds NJ work without any inconvenience. CBI Customs Bonds can help you in purchasing a bond, just contact them.
Created on Nov 2nd 2018 05:54. Viewed 508 times.