US Customs Bonds. Do I need one?
The short answer is yes, anything imported into the US requires a US Customs Bond. US Customs Bonds, or US Surety Bonds, are required by the US Customs & Border Protection (CBP) for all imports into the US, even if the goods are duty-free. The purpose of the bond is to protect the CBP against default of payment for all charges due from the importer – duties, taxes, fines, penalties, etc.
Single Entry Bond vs Continuous Bond
How to choose between single entry bond and continuous entry bond? Mainly depend on the frequency of your imports. In general, one-time or infrequent importers can simply purchase a Single Entry Bond to cover their bond requirements. However, it is still important to work with your freight forwarder to clarify total bond charges before making this decision. Since Single Entry Bonds are calculated on a percentage of your shipment’s commercial invoice value, high value commodities can easily exceed the cost of a Continuous Bond.
Bond Valid Period:
· Single Entry Bonds are one-time use bonds, applied to the specific shipment it is bought for
· Continuous Bonds are active and valid for one fiscal year (365 days) from effective date.
Bond Application Requirements:
· Complete bond application form
· Complete Power of Attorney
How soon can I get my bond?
Bonds applications are usually completed the same day as the required forms and payments are received.