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The Bond Market
WHAT ARE U.S. CUSTOMS BONDS
AND WHY ARE THEY REQUIRED?
Corporations, companies and individuals importing goods into the commerce of United States are REQUIRED to POST A SURETY BOND or a cash equivalent with the U.S.CUSTOMS SERVICE. There are also other import related activities requiring
By posting a bond on regular import entries, the importer is PROVIDING A GUARANTEE TO U.S. CUSTOMS. The bond guarantees the importer will faithfully and timely abide by all laws and regulations applicable to the importation of merchandise into the commerce of the United States. Such laws and regulations include but are not limited to such areas as making the goods available for examination / inspection, marking, labeling and packaging requirements, making transaction records available and payment of U.S. Customs additional duties when appropriate. The posting of a bond does not offer or otherwise provide protection to the importer as it is designed to protect the people and government of the United States. Further, the posting of a bond does not relieve the importer of any obligations associated with the importing process. By issuing a bond, a surety company assumes the same duties and responsibilities as the importer. If an importer cannot or will not fulfill obligations to the U.S. government, the surety company will be called upon for payment. The surety company would then have the right of full recovery from the importer for any loss. |
Labay/Summers
quickly and carefully examine
your U.S. Customs bond needs.
For OVER A QUARTER CENTURY .......
Labay/Summers has been writing U.S. Customs bonds .......
for importers of all sizes ..... throughout the United States.
NEXT : Basic Types Of U.S. Customs Bonds For Importers
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