Question: For those of you with import continuous bonds that do not utilize a Customs Broker as their middle man, what surety company are you working directly with? What are the pros/cons? Is there a cost savings to justify going direct with the surety? We have a $4.5M bond currently that is through our Customs […]
Question: US importers are required to obtain Customs bonds and calculate bond amounts based on a specific formula. Does EU follow a similar model? If the EU implements tariff countermeasures, will the CCG amount needs to be adjusted and what is the formula? Answer 1: In the EU all non-paid but payable duties and taxes […]
Question: With the uncertainty in whether or not new tariffs will come into play in July and onward, How are importers calculating their new bond coverage to try to account for add’l duties under sect 232, 301, reciprocal tariffs? Answer 1: Hedging our bets and have set up all the paperwork for the 10% […]
Question: With the increases in duties due to Section 232 or International Emergency Economic Powers Act (IEEPA) actions, are importers increasing their customs bonds? Answer 1: Importers should conduct an estimate on their duty spend for the current year and then review their current bond amount. Then work with thier surety to see if a […]
Question: Hi ICPA community! Can someone help me where to send a voluntary tender and a TIB anticipatory breach notification? The goods are medical devices. Should I send the docs / DIS to Port Director, CEE, OIO, etc.? Thank you so much for your advice! Asked by: Irina Banks – irina.banks@gmail.com Answer 1: Good Afternoon, […]
Question: Hello! We are having a serious issue obtaining a bond in CARM. The Bond is required prior to May 20th. If we don’t have the Bond in place by the deadline then our Canadian Broker cannot clear any of our shipments. I registered for CARM a few years ago but haven’t used it much […]
Question: So, we’re affected by all of the new tariffs (steel, aluminum, China, derivatives, etc). We’re trying to assess our customs import bonds to figure out how much to raise each bond. But it’s hard to decide. The constant “tariffs on, tariffs off, tariffs partially on again” drama is confusing and keeping us from being […]
Question: My new company has a bond insured through a brokerage. Is anyone familiar with this? Pros and cons? I am only familiar with working directly through a surety. Answer 1: Greetings, We work the same way, thru a broker for our bond. Next year we will work directly with the surety. No pro’s to […]
Question: Good day, I have a question regarding the need for bond on a shipment or racks (international instruments of trade) from Canada to Mexico for a non- auto decree customer; do the racks need to travel under a T & E bond? If we have the UPRR broker do a T3 on this do […]
Question: Hello, Is it possible for an IOR to put up the actual cash for a Continuous Customs bond and not go through a surety? (Yes, we had the same reaction you are having right now.) Can someone please point me to the bond regulations so we can investigate if it’s possible and then determine […]
Question: Does a US company need a bond to EXPORT goods of any kind of value? Answer 1: Bonds are only required for import shipments. The bond is a guarantee from the importer that all duties, taxes and fees attached to the shipment will be paid. Answered by: tcrescue4you@gmail.com
Question: Question about import bonds. Our Corporation’s import bond is up for renewal (Corp A). Last year we bought a company that current has their own IOR # (EIN) and clears under their own import bond. Call them Subsidiary B. The plan is to start merging them into the Corp entity. Treasury wants to close […]
