3 Requirements for Obtaining Continuous Import Bond

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Cbi's Insurance Professionals Have Been Providing
Trade Related Services Since 1981.
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3 Requirements for Obtaining Continuous Import
Bond
Importers are always interested in the latest
information about changes in the customs sector.
Periodic updates regarding loading, unloading,
clearing and logistics ensure your identity. The
role of brokers is convincing on the condition
that an operator has doubts about certain import
processes. Prices, regulations and fines may vary
depending on the type of products shipped to the
United States. A continuous import bond covers a
certain percentage of the total amount of fees,
taxes and charges that the bondholder must pay
during the 12-month period.
Shipments that are scheduled to land by oceanic
ships in the United States must be subject to a
specific customs bond. Container goods are
assessed by the broker or insurance company
before the price of these bonds is determined.
The activity code 1 for customs and border
protection (CBP) of the United States is very
important to understand before the decision is
made to import abroad. Let's look at some
important requirements for the continuous import
bond.
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Licensed Customs Broker
The role of customs broker is of fundamental
importance at the stage of obtaining customs
bond. Most companies refrain from risks and
problems when importing valuable materials.
International shipping agents must provide proof
of financial responsibility to the Federal
Maritime Commission (FMC). The FRFI hires a
customs officer to assist the customer in the
import process.
Involvement
Yes, to acquire a continuous customs bond, the
participation of three parties if necessary. The
creditor (CBP), the principal (owner of the
shares) and the guarantee company are the three
most important parties involved in these customs
bond. It guarantees CPB authorities that they can
raise money up to the amount of the insurance
company's bond if the customer violates the
relevant rules, laws or regulations during the
process.
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Bond Amount
There are two types of valid bonds, Continuous
Customs Bond and Single Entry Bond. If you choose
the first one, it is valid for twelve months of
the period in which you can make as many entries
as possible and are automatically renewed after
one year. Finally, the bonus for one transaction
is only valid for import in one year. The bonus
amount can vary per case. If the commercial
value of the shipment exceeds 2,500, you must
receive a 50,000 bonus. In most cases, customs
bonds can be purchased for as little as 259.00
a year.
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