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What Is The Purpose of Customs Bonds in US Importation

Almost all newly involved importers struggle to understand what exactly the purpose of customs bonds is. Do they really need one and what would be the charges? When it comes to US importation process you might overwhelm with the rules and regulations. The importers may be stuck at some points and even feel insecure about their transaction.

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What Is The Purpose of Customs Bonds in US Importation

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  1. What Is The Purpose of Customs Bonds in US Importation? Almost all newly involved importers struggle to understand what exactly the purpose of customs bonds is. Do they really need one and what would be the charges? When it comes to US importation process you might overwhelm with the rules and regulations. The importers may be stuck at some points and even feel insecure about their transaction. In case a supplier plans to merchandise from foreign locations and want to supply goods and commodities to American territory, he has to comply with all standards, laws and regulations set by U.S. Customs and Border Protection (CBP). The Purpose of Customs Bonds Customs bonds are required documents to clear an importing cargo at various U.S. ports. It also refers as insurance policy that bonds three parties – Importer (Principal), CBP (Obligee) and Surety/Insurance Company/Broker. The formation of CBP organization was heated up after the terror activities in the country increased. The government body is responsible to collect all duties, fees and taxes levied on commodities by the help of customs bonds SC. It also emphasize on protecting nation’s treasury from malicious and threatening goods like hazardous products and weapons. There are different activity codes defined by the community according to the means of transportation into the United States.

  2. The activity code-1 is important one if you desire to trade by ocean. It is for customs import bond that guarantee your duties and fees will be paid at any circumstances. There are two types of bonds, Single Entry Bond and Continuous Customs Bond. Single Entry Bonds Single entry bonds are for one time transaction of goods in an entire year. It is expensive and you have to file ISF and pay entry fees in addition. Continuous Customs Bond The continuous bonds are for more than one time importation of goods in a single year. The price of bond is usually $250 and it is mandatory to acquire this customs bonds NYif the commercial value of your carrier is exceeding $2,500. The minimum bond amount is $50,000 but the owner has to pay few percentage of it only one time. A customs broker can help you in obtaining Customs Bonds CA. They help in arranging shipping, verifying documentation and dealing with government officials. Make sure you contact the right group of brokers or freight forwarders who possess good past experience and maintain quality connections.

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