What are the Continuous Import Bond Requirements?by Samuel C. Customs Advisor
Importers are always keen to get the latest information on ongoing changes in the custom industry. Regular updates regarding loading, unloading, clearing, and logistics make them sure of themselves. The role of brokers is compelling in the condition when a merchandizer has doubts over certain importing processes. The tax prices, regulations, and penalties can be varying according to the types of goods you are sending to The United States. A continuous import bond covers a certain percentage of total amounts of charged duties, taxes, and fees that is obligatory to pay by the bondholder within the 12-month period.
The shipments projected to land onto the United States’ territory by the ocean vessels is required to be bonded through a specific customs bond. The containerized goods are evaluated by the broker or insurance company before they determine the prices of these bonds. The activity code-1 which is designated by the US Customs and Border Protection (CBP) is very important to understand before making the decision to import to that foreign country. Let’s take a look at some important requirements for continuous import bond.
Licensed Customs Broker
The role of a customs broker is vital in the stride of getting customs bond. Most companies refrain from risks and troubles when it comes to importing their valuable material. The International Freight Forwarders has to submit the proof of their financial responsibility to the Federal Maritime Commission (FMC). The IFF hires a customs broker to help the client in the importation procedure.
Yes, to acquire continuous customs bond, the involvement of three parties if required. The obligee (CBP), the principal (owner of stock), and the surety company are the three main parties associated with these customs bond. It guarantees the CPB authorities that it will be able to collect monies up to the bond amount from insurance agency if the principal infringes any pertinent rules, law or regulations during the process.
There are two types of prevailing bonds, Continuous Customs Bond and Single Entry Bond. If you choose the first one, it will be valid for twelve months of the period, in which you can make as much importation as you can and it is subjected to automatic renewal after one year. The later one, single transaction bond is valid for one importation in a single year. The bond amount can be different in each case.If the commercial value of your consign is exceeding $2,500 then you have to obtain a bond worth $50,000. In most cases, customs bonds can be purchased for just $259.00 per year.
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Created on Mar 19th 2019 01:43. Viewed 271 times.