Anyone wishing to import goods into the United States or engage in import related operations is required to required to have an import bond. That is why posting of the bond protects the Customs revenue and ensures compliance with the regulations of the United States pertaining to importing and related activities.
Cash may be posted in the form of U.S. currency, U.S. Treasury notes or Treasury bonds and will be held by Customs until Customs determines the security is no longer required.
This could be for several years. In most cases, the best alternative is the posting of a U.S. Customs Bond (CBP bond). The CBP bond is a multi-purpose document used for a range of activities from importing or operating a bonded warehouse to serving as a bonded truck or operating an international shipping fleet or airline.
The CBP bond can be used to cover importing activities on a single transaction or continuous basis. When the CBP bond is completed for single transactions, it covers only one transaction. When the CBP bond is executed as a continuous bond, it will normally cover all transactions by the principal while the bond is valid.
If you are importing merchandise into the U.S. for commercial purposes that are valued over $2,500, or a commodity subject to other federal agencies requirements (i.e. firearms or food), you must post a Customs bond
What is a Customs import bond ?
A Customs bond is a financial guaranty between 3 parties: the Insurance/Surety company issuing the Customs bond, the Principal (who is required to file the bond), and Customs & Border Protection (CBP).
The Customs bond guarantees Customs & Border Protection that if they cannot collect monies due from the Principal they can seek remedy, up to the bond amount, from the Insurance/Surety company. The Customs bond also indemnifies the Insurance/ Surety company, allowing them to use any legal means to collect from the Principal any monies that were paid to CBP on the Principal’s behalf.
Types of Customs bonds
There are many types of bonds required by Customs & Border Protection (CBP) for various reasons. The import bond is required by CBP from all importers in order to clear entries through Customs. An importer may file a “Single Entry” import bond or a “Continuous” import bond.
Most of the time, Your Freight Forwarder can help you acquire your customs bond. Most noteworthy is that a 3PL Company can assist you in customs compliance issues.
Finally, it is important to get educated when it comes to customs regulations.