Customs bonds are a type of insurance that guarantees the payment of any customs transactions. Whether or not the entity taking out the bond is able.
This bond is a financial guarantee between 3 parties, the insurance company issuing the bond, the entity that is filling the bond, and Customs and Border Protection (CBP).
Benefits of Customs Bonds
| Build trust between importers and customs officials. | Ensures duty fees and taxes. | Transactions between owners and customs are protected. |
Every business that imports and exports goods in the U.S. requires customs bonds on file by law.
When to use Customs Bonds?
| WWhen merchandise importation value into the United States is more than $2,500. | An international carrier moves cargo or passengers from a foreign location to the United States. | An individual operates a warehouse used to store imported or exported merchandise. |
