CustomsNow™ offers U.S. Customs bonds to importers.
As part of our full suite of services, CustomsNow offers customs bonds to the trade community. The bonds are available regardless of whether or not you subscribe to our direct filing software.
The primary purpose of a customs bond is to guarantee the payment of import duties and taxes to U.S. Customs and Border Protection (CBP), as well as to assure compliance with all laws and regulations governing the entry of merchandise from foreign shipping points into the United States.
At the time of entry, every importer must post a Customs bond for each shipment of merchandise valued over $2,500.00 (or any value for commodities subject to other federal agencies requirements such as firearms or food).
Importers have the two options when purchasing a Customs Bond: single entry or continuous. The choice ultimately depends on how often a company imports into the U.S. and the differences are below.
Option 1 - Single Entry Bond
Covers only one entry (shipment) or Importer Security Filing (ISF) for which it is written. The single entry bond can be written just prior to the filing and submitted with the entry. A single entry bond is generally written in an amount not less than the total entered value, plus any duties, taxes and fees.
CustomsNow™ Price: $5 per $1000 value plus duty, taxes & fees, min. $50.00
Option 2 - Continuous Transaction Bond
Covers all entries (shipments) and ISFs filing for the year it is written, no matter who the filer is. It’s normally obtained by importers who have a large number of entries and/or imports through several ports of entry during a given year. It has a term of one year and is automatically renewed each year (valid until it is terminated by either the surety or the principal). A continuous bond application is required to be submitted to Customs prior to use, and is approved electronically within minutes. A continuous bond amount is based on 10% of duties, taxes and fees paid for the 12 month period. The minimum amount is $50,000.00.
CustomsNow™ Starting Price: $400 annually