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The Bond Market
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Claims against Single Transaction Bonds (Activity 1) and Continuous Bonds (Activity 1) may involve one of the following areas:
1) Failure to File Timely Entry
The appropriate U.S. Customs entry was not filed timely with the U.S. Customs after release of the cargo.
2) Failure to Return Merchandise to U.S. Customs Custody
The importer fails to return merchandise to U.S. Customs after demand for return had been issued. This may involve a situation where merchandise is not marked as to country of origin. The situation may involve one where merchandise is released by U.S. Customs but is still subject to control by the Food & Drug Administration or another U.S. governmental agency. There are several possible circumstances involving a claim for failure to return imported merchandise to U.S. Customs custody.
3) Failure to Timely Export
This claim involves a Temporary Importation Bond and failure of the U.S. importer to timely export merchandise from the United States.
4) U.S. Customs has disagreed with either the tariff classification or the declared value at time of entry. Subsequently, U.S. Customs issues a demand for the payment of additional duties. Failure of the importer to pay the additional duties results in a claim against the bond.
The several examples as presented represent a few of the potential claim situations involving U.S. Customs Bonds under Activity 1. There are other possible claim situations involving Activity 1 and other types of U.S. Customs bonds.
IMPORTANT: IF A CLAIM IS MADE BY U.S. CUSTOMS ..........
............ the importer MUST RESPOND TIMELY
(either direct or through his U.S. Customs Broker).
- The response to U.S. Customs on such claim must be in written form.
- Failure to respond timely may result in sanctions being lodged against the importer and / or the surety company.
- Additional monetary penalties and / or loss of immediate delivery entry privileges may be a result of sanctions assessed by U.S. Customs.
Labay/Summers has been representing importers of all sizes
throughout the United States for OVER A QUARTER CENTURY.
We have the experience and knowledge to protect your interests
at the point of importation and in the event of any claims.
Let Labay/Summers put that
EXPERIENCE and KNOWLEDGE
to work for you.
NEXT: Why Labay/Summers Should Handle Your U.S. Customs Bonds Return to The Bond Market Main Menu
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