The International Freight Forwarders (IFF) and Non-Vessel Operating Common Carrier (NVOCC) are encouraged by the FMC to become licensed Ocean Transportation Intermediary (OTI). After that procedure, they can originate their cargos from foreign locations to be destined into the United States. Then after, they will have to obtain OTI Bonds SC which acts as surety bonds to guarantee the financial responsibilities of the ongoing merchandise.
It is a legal document that strengthens the relationship between traders and carriers. It clearly declares the value of cargo and taxes applicable to the merchandise. It emphasizes them to the business in compliance with all standard laws and regulations. After an assessment of the status of goods, an insurance company can provide OTI Bonds SC. It should be signed by the principal, the surety and government authority such as power of attorney. It gives it sufficient authentication.
The price range can be different for IFFs and NVOCCs and it should not be less than ,000 in any case. In the end, the main purpose of customs bonds process is to protect the land and its people from unrequired hazardous material coming from abroad. In case any party fails to pay the levied amount of taxes and duties, the FMC would be able to receive the compensation from the guilty party.
For secure entry of your property to the desired place, make sure you meet the right company for Customs Bonds CA.
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