3 Requirements for Obtaining Continuous Import Bond

Posted by Cbicustom on February 3rd, 2020

Importers are always interested in the latest information about changes in the customs sector. Periodic updates regarding loading, unloading, clearing and logistics ensure your identity. The role of brokers is convincing on the condition that an operator has doubts about certain import processes. Prices, regulations and fines may vary depending on the type of products shipped to the United States. A continuous import bond covers a certain percentage of the total amount of fees, taxes and charges that the bondholder must pay during the 12-month period.

Shipments that are scheduled to land by oceanic ships in the United States must be subject to a specific customs bond. Container goods are assessed by the broker or insurance company before the price of these bonds is determined. The activity code 1 for customs and border protection (CBP) of the United States is very important to understand before the decision is made to import abroad. Let's look at some important requirements for the “continuous import bond”.

Licensed Customs Broker

The role of customs broker is of fundamental importance at the stage of obtaining customs bond. Most companies refrain from risks and problems when importing valuable materials. International shipping agents must provide proof of financial responsibility to the Federal Maritime Commission (FMC). The FRFI hires a customs officer to assist the customer in the import process.

Involvement

Yes, to acquire a continuous customs bond, the participation of three parties if necessary. The creditor (CBP), the principal (owner of the shares) and the guarantee company are the three most important parties involved in these customs bond. It guarantees CPB authorities that they can raise money up to the amount of the insurance company's bond if the customer violates the relevant rules, laws or regulations during the process.

Bond Amount

There are two types of valid bonds, Continuous Customs Bond and Single Entry Bond. If you choose the first one, it is valid for twelve months of the period in which you can make as many entries as possible and are automatically renewed after one year. Finally, the bonus for one transaction is only valid for import in one year. The bonus amount can vary per case.

If the commercial value of the shipment exceeds $ 2,500, you must receive a $ 50,000 bonus. In most cases, customs bonds can be purchased for as little as $ 259.00 a year.