What is a Surety Bond?
All parties that import merchandise into the United States for commercial purposes or transport imported merchandise through the United States must have a U.S. Customs Surety Bond. There are three parties to a basic importation surety/customs bond. The Importer of Record known as the principal + Customs and Border Protection known as the beneficiary + Surety the insurance company insuring the bond.
Why do I need a Surety Bond?
A surety bond or customs bond is insurance that the importer will pay duties, taxes and charges on merchandise to the U.S. Government. A surety bond is also used to ensure the performance of other obligations, such as:
- Agreement to make or complete entry
- Agreement to redeliver merchandise (if demanded by U.S. Customs)
- Agreement to Produce Documents and Evidence
- Agreement to allow Examination of Merchandise(if demanded by U.S. Customs)
Types of Surety Bonds
Customs Surety Bond comes into two different formats:
- Single Entry Bond is security for a single Customs transaction
- Continuous Bond secures multiply transactions until cancelled.
The type of bond is depended upon the import activity: Below is following type of customs surety bonds we offer
Importer or Broker *Most common
- Drawback Payment Refunds
- Custodian of Bonded Merchandise
- International Carrier
- Foreign Trade Zone
What size of surety bond do I need?
Irrespective of the minimum value of goods for a single entry bond, surety bond cannot be less than $100.
For a Continuous Bond minimum amount no less than $50,000
How much do I pay for a surety bond?
When calculating the amount a surety company will charge to secure a bond for a client several factors are considered. The primary factor is the amount of duties paid in the previous year for the applicable product, or for those without a prior history an estimate of duties to be paid is used. From there the bond company makes a calculation on the fee they will charge to secure the bond amount. Outsource Trade Group has the most affordable fees in the market.
Sunday, September 20, 2009
Outsource Trade Group is currently offering a $50,000 import bond for the below price:
|
1 year $495
|
|
2 year $750
|
|
3 year $995
|
For more additional pricing:
Get A Quote