A customs bond is a financial guaranty between the surety company who issues the bond, importer of record, and Customs & Border Protection (CBP). The bond simply guarantees that CBP will collect all import duties, taxes, fines or penalties from the surety company, if they cannot collect them from the importer itself. CBP requires all importers to file an import bond in order to clear their entries, even if the goods are duty free. 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, you must post a customs import bond to ensure that all duties, taxes and fees owed to the federal government will be paid. You have the option of obtaining a single entry or a continuous bond. The type of the bond you elect to obtain ultimately depends on how often you import into the U.S. For instance, if you only import on occasion, the single entry bond is recommended. If you import frequently and through various ports of entry, the continuous bond is beneficial and economically the best choice.
About The Author
Suzan was born in New Jersey and raised in Turkey. She moved back to the States after graduating from high school in Turkey, and earned her Bachelors Degree in Economics from Rutgers University. She later attended Mandarin courses at Jilin University, and international relations courses in Columbia University, New York. Suzan has been with MTS Logistics since August 2012, and works in our Sales Department.
May 22, 2015
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May 22, 2015