What is a Canada Customs Bond?
A Canada Customs Bond (form D120) is a surety bond posted for the benefit of the Canada Border Services Agency (CBSA) to guarantee compliance with a law or regulation – essentially to guarantee CBSA will get paid. Similar to U.S. Customs & Border Protection (CBP) bonds, there are three parties to the bond contract:
- The bond principal (such as the importer)
- The surety company who provides the bond
- The obligee (CBSA)
There are various types of Canada Customs Bonds and all serve a unique purpose for the bond principal.
Canada Customs Bonds are designed to cover specific import, trade, and travel activities.
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