Why Does CBP Ask For Customs Surety Bond and Continuous Import Bond?by Samuel C. Customs Advisor
Trading through ocean vessels is strictly administered in western countries. The businessmen doing merchandise from Asian nations, it can be a headache to dispatch the commodities and import them to countries like the United States. The insurance contractors play a key role in reducing the risk of failure and aid importers in the successful completion of their goods’ journey. Customs and Border Protection (CBP) is a government authorized agency acts as a pole of security and ensures that the land is safe from any hazardous material and prohibited items. By observing customs surety bond they can collect taxes and duties liable on the cargo.
Continuous import bond guarantees that trading enterprise has the potential to do multiple imports in a single year and financially committed to paying the levied monies. It is necessary to produce these bonds while asked by CBP officers on different seaport of the US to clear customs expeditiously.
Customs Surety Bond
The increasing fraud and suspicious attacks warned the American authorizes and prompt the need of doubling border securities. The things coming from varying locations of the planet, it was challenging to regulate the system. But CBP was formed to detect and eliminate anything prone to produce danger to its people. It is carried out by well-trained officials who undergo tough training programs. It enables the organization to seize unrequired stocks. The continuous import bond was become necessary to obtain for importers if they seek to do business through ocean ways.
Customs surety bond is a kind of agreement which is mandatory if the importing property exceeds $2500 value and sufficiently covers all the occurring fees. They need to adhere to all pertaining laws like an agreement to rectify a non-compliance with provision for admission.
The minimum amount of this customs surety bond is $50,000. It can be variant relies on the volume of shipment. The single transaction bond is another choice if the traders want to do one-time importation in a calendar. But ISF filling will have remained if you choose to go with it.
Continuous Import Bond
The international community of businessmen is required to fulfil the requirements of CBP in order to avoid delay in trading. The relationship with local marketers and customs brokers can strengthen their ability to avoid penalties and risks. Only experienced consultants possess good knowledge of logistics and they can educate you about duty calculations and entries. Continuous import bond is a right approach to comply with policies and reduce complexity. After evaluating the price you can purchase a customs bond. It is crucial if one wants to have complete solution of finalizing the freight forwarding.You can appoint custom brokers or insurance companies for customs surety bond that can work on behalf of you and prepare important documents. They can help with connections and expertise in the same field. Make sure you contact a company that is well-familiar with such processes and have strong portfolios.
Created on Jan 22nd 2019 02:01. Viewed 494 times.