Import Bond Sufficiency Calculator
There are two types of customs bonds that guarantee the payment of import duties and taxes to the United States Customs and Border Protection (CBP). A single-entry customs bond allows for a one-time import of merchandise for a commercial purpose into the United States. This customs bond can be an efficient and cost-effective tool for importers who import infrequently. For importers who are continuously bringing shipments to the United States, there is another option, the continuous import bond, which can be used to make an unlimited number of entries up to the total value of the bond.
What Are Import Bonds?
Customs import bonds are a specific type of surety bond, a contractual obligation made between three separate parties to guarantee payment of import duties and taxes. Import bonds act as a guarantee between the insurance or surety company that issues the bond, the importer of record, and Customs and Border Protection (CBP) of the United States.
As the principal on the bond, the importer arranges coverage with the second party to the contract, the surety company – this transaction is usually handled by a licensed Customs Broker. In return, the surety company agrees to cover the costs of duties and taxes, if the principal fails in their obligation to pay. CBP accepts this guarantee on goods entering United States commerce.
Unlike single-entry import bonds, continuous import bonds apply to all shipments by the principle in a 12-month period. Wondering what amount of coverage your importing business needs through continuous import bonds? Roanoke has a bond sufficiency calculate right here