The U.S. has more than 300 land, air, and sea ports of
entry, all of which are under jurisdiction of the U.S.
Customs and Border Protection Agency (CBP). The CBP is
responsible for screening all entrants to the USA,
including imported cargo.
As an importer or a
shipper, if you plan on doing business in the U.S. it’s
imperative that you understand the importance of customs
bonds. Without a bond, your shipments may not get
through U.S. Customs and you may face hefty fines and
delays.
What is a customs bond?
Customs bonds are a binding contract between a
principal (the importer/shipper), a Surety company (the
issuer), and CBP. They guarantee that the importer
complies with Customs regulations and that all
applicable import duties, taxes, fines and penalties,
are paid to CBP.
Who are customs bonds for?
According to CBP regulations, commercial imports
valued at $2,500 or more require a customs bond.
Importers can file for:
-
Single Entry Bonds – Ideal for
importers looking to import a single, specific
shipment of goods
- Continuous Bonds – Ideal for importers that have a large number of shipments or who import goods through multiple ports of entry throughout the year
Additionally, if your imports are intended for
commercial use or are subject to any Partner Government
Agencies, such as the Food & Drug Administration,
you need a customs bond.
Where can continuous customs bonds be used?
Continuous bonds can be used at any of the more
than 300 U.S. ports nationwide. They can be accessed by
any authorized individual who can clear entries on
behalf of the importer (which includes customs brokers
and freight forwarders). The surety issues bonds in a
standardized format with consistent parameters,
conditions, and coverages.
How often must you renew a continuous customs
bond?
Continuous customs bonds expire one year from
their date of issue. They’ll remain on file with CBP
until a termination notice is issued (often by the
Surety company or a customs broker). To keep continuous
customs bonds active, payment to the Surety is required.
Why should you purchase a customs bond?
Simply put, customs bonds simplify the process of
importing goods into the U.S. They ensure that your
taxes and fees are completely covered, so that you can
feel secure in knowing that your goods can be
successfully imported.
Additionally,
purchasing a customs bond can help you avoid steep fees
and penalties as well as severe delays in
importation.
How to get a customs bond
Once you’re ready to import, our experts at A Customs
Brokerage can help your company get started with U.S.
Customs and Border Protection. Our Customers Brokerage
Department will also help you handle the procurement and
setup of your customs bond. As experienced brokers, we
can help you secure a single entry or continuous customs
bond within minutes.
Interested in purchasing
a customs bond?
Contact our team today.
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