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The Bond Market
BASIC TYPES OF U.S. CUSTOMS BONDS FOR IMPORTERS
| There are two basic types of U.S. Customs bonds for importers: |
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The first type is a Single Transaction Bond (Activity 1). The second type is a Continuous Bond (Activity 1). An "Activity 1" bond is the most common type of U.S. Customs bond. The bond covers Immediate Delivery Entries, Consumption Entries, In-Bond Entries and Warehouse Entries / Withdrawals. Listed below are additional details pertaining to these two types of U.S. Customs bonds available through Labay/Summers. |
| SINGLE TRANSACTION BOND (Activity 1) |
| A Single Transaction Bond (Activity 1) is almost self-explanatory by name. The bond is designed to cover only one importing transaction at one port of entry. |
| BOND AMOUNT |
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| TYPE OF BOND |
BOND AMOUNT REQUIRED BY U.S.CUSTOMS* | |
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Basic Single Entry (General Goods) |
Value + Duty | |
| Quota or Visa Entries | 3 X Value | |
| Automobiles (Non-Confirming) | 3 X Value | |
| Entries Requiring Other Federal Regulatory Compliance | 3 X Value | |
| Temporary Importations | 2 X Estimated Duty | Goods Unconditionally Free of Duties | 10% of Value |
| Anti-Dumping & Countervailing Duties | Determined by Customs | |
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* The bond amount required by U.S. Customs may be subject to change by Customs directive or may vary from port to port at the discretion of the District Director of Customs. | ||
| CONTINUOUS BOND (Activity 1) |
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A Continuous Bond (Activity 1) covers virtually all types of importing transactions (excluding anti-dumping and countervailing duty entries) and is automatically placed on file with U.S. Customs at all U.S. ports of entry for one (1) year. BOND AMOUNT The amount of a Continuous Bond (Activity 1) is usually ten percent (10%) of the annual estimated duties for the next calendar year and is rounded up to the next $ 10,000. The amount is rounded up to the nearest $ 100,000. of the annual estimated duties exceed $ 100,000. A Continuous Bond shall never be less than $ 50,000. If U.S. Customs entries are for imported goods conditionally free of duty, the bond amount is determined by taking ten percent (10 %) of the duty amount that would have been applicable if the merchandise were dutiable. Continuous bonds for goods entered unconditionally free of duty are determined by multiplying the annual estimated import values by .5% (.005). |
As a U.S. Customs licensed Customhouse Broker with .....
..... OVER A QUARTER CENTURY EXPERIENCE
in producing ALL TYPES of U.S. Customs bonds .....
..... Labay/Summers can quickly and efficiently meet
ALL YOUR U.S. CUSTOMS BOND NEEDS.
NEXT: Other Types Of U.S. Customs Bonds
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