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How Is a Continuous Bond Used?
How Is a Continuous Bond Used?
A continuous bond is used to cover multiple customs transactions over a 12-month period, providing a cost-effective and efficient solution for importers who frequently bring goods into the United States. Rather than securing a separate single transaction bond for each shipment, a continuous bond, as long as the bond amount remains sufficient, ensures compliance with U.S. Customs and Border Protection (CBP) regulations across all imports during the year.
Who Needs a Continuous Bond?
A continuous bond is ideal for businesses that:
- Import goods regularly throughout the year.
- Require a streamlined customs clearance process.
- Want to reduce administrative costs compared to purchasing multiple single-entry bonds.
- Need compliance coverage for duties, taxes, and fees payable to CBP.
Key Benefits of a Continuous Bond
- Covers All Shipments: A continuous bond applies to all imports within its active period, eliminating the need for repeated paperwork and approvals.
- Reduces Costs: If you import frequently, a continuous bond can be more economical than purchasing multiple single-entry bonds.
- Simplifies Compliance: Ensures that importers meet CBP regulations without the hassle of securing individual bonds for each shipment.
- Covers Other Customs Activities: A continuous bond can also be used for Importer Security Filing (ISF), Foreign Trade Zone operations, and warehouse entries.
How to Obtain a Continuous Bond
To obtain a continuous bond, businesses must:
- Determine the appropriate bond amount, which is typically 10% of duties, taxes, and fees paid in the last 12 months (with a minimum of $50,000).
- Work with a licensed surety company to secure the bond.
- Submit the bond to CBP through an electronic filing process.
How Roanoke Can Help
At Roanoke, we specialize in serving the customs brokers who help importers secure the right customs bonds to keep their operations running smoothly. We are here to help guide customs brokers in selecting adequate bond amounts, overcoming underwriting hurdles, and processing new and replacement bond filings.
Need assistance? Contact us at 1-800-ROANOKE (800-762-6653) for expert advice.
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