Bonds

Customs Bonds

Customs Bonds are required by U.S.A. Importers for all shipments entering the United States with a value of over $2,500.00. This “Surety” Bond is guarantee to Customs and Border Protection that all obligations associated with the bond will be satisfied. If money is due to Customs, and the importer does not pay, The bond company is obligated and pays the Customs Service, and the importer is the obligated and then collection is made by the Surety. The law and Customs are therefore ensured that they always are paid what is due. 

Single Transaction Bond

 As the name indicates, it is a Bond that is issued for each Individual shipment, valued over $2,500.00, and the bond amount is required to be the value of the importation, plus the duty. If regulated by an ORA - Other Regulatory Agency (FDA, DOT Etc.,) the bond requirement is three times the value plus duty.

Continuous Bond

A Continuous Bond is valid for the Principal on the bond, and covers all importations, in all Customs Ports for their account. The bond must cover 10% of the Importers annual duty. A premium is paid annually to the Surety to assume this risk. The minimum amount for the Continuous Bond is $50,000.00. This bond also satisfies the requirement for an Importer Security Bond.
If a continuous bond is not on file, for Sea Freight shipments, a Single Transaction ISF Bond is required.

For Importers with multiple transactions per year, or high value shipments, the Continuous Bond saves money. Most new importers start with Single Transaction Bonds, and grow into a Continuous Bond.

Service Shipping can guide and issue the proper bond for all of your situations.

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