Bonds

Questions and answers about Bonds

  • BOND RENEWAL REQUIREMENTS

    QUESTION: We are trying to renew our bond.  We are pass-through entity and definitely will not provide our Customs partners with tax returns.  As for audited financials, we consider margins and footnotes highly confidential.  We have provided a surety company with Excel versions of summary financial statements that were in excess of what we sent […]

  • BOND RENEWAL REQUIREMENTS

    QUESTION: We are trying to renew our bond.  We are pass-through entity and definitely will not provide our Customs partners with tax returns.  As for audited financials, we consider margins and footnotes highly confidential.  We have provided a surety company with Excel versions of summary financial statements that were in excess of what we sent […]

  • PROTEST WITH EXPIRED BOND

    Your Social Security Statement QUESTION: I have entries that needs PSC/Protest filing but the continuous bond has expired.  Am I still able to file PSC/Protest? Do they need SEB? *************** Answers: Your original Bond is  still valid on date of entry…. it remains open with respect to those entries throughout the liquidation process. ************* You […]

  • FTZ AND CUSTOMS BOND

    QUESTION: My company is about to become users of someone else’s ftz. Do we need to get an additional bond—on top of one we already have for imports—for our entries into and out of FTZ? %%%%%%%%%% ANSWER: No you do not – the FTZ that you are using has the FTZ Bond, you only need […]

  • Transfer of Customs bond to new owner

    QUESTION: Probably a question for surety companies… Company A has several wholly owned subsidiaries.  Among them is the XWZ Corporation.  XWZ has its own Tax ID and its own Customs bond.  Company A sells XWZ to Company B.  Company B intends to have WXZ remain a separately incorporated subsidiary.  The Tax ID transfers with XWZ.  […]

  • COMBINING ENTITIES ON THE SAME CUSTOMS BOND

    QUESTION: Can you put two separate companies, owned by the same corporation, but operate separately with different IRS numbers on the same Customs Bond? They are not just a suffix IRS. Completely different and operate independently. And if so, if one company went out of business or had issues with compliance etc. how would it […]

  • ROGUE CUSTOMS BOND TAKEOVER

    QUESTION: A random customs broker, completely unknown to my organization, has taken over our continuous customs bond. I must now get it transferred back. ACE Support was unable to assist, and I’ll continue to work with my current broker on this, but How is this possible / legal without my company’s express consent? What is […]

  • Bond Amount Calculation with ADD +TIB

    QUESTION: Looking for guidance on: How to Calculate the Bond Amount for IOR that does TIB’s and has regular ADD entries ( 114% ) Do you just calculate the previous Duty + Fees for the preceding 12 months INCLUDING ADD fees paid + plus the duty avoided by using TIB ? Secondary, do other IORs […]

  • SEC. 301 BOND INCREASE

    QUESTION: With the recent passing of the 3rd Section 301 list, our company will be affected and our import duty will increase. To assess the correct import bond amount, should we wait a year to have a full year’s worth of data with increased duties paid or should we do a projection now and increase […]

  • INCREASING CUSTOMS BOND

    QUESTION: If our surety company advised us that our Customs bond is insufficient, but the pending List 3 of Sec 301 tariffs would greatly increase our total DTF (duties, taxes, fees) should we wait to see what happens with that, or increase now? I’m concerned with stacking our bond and having multiple layers of liability. […]

  • CBP REQUIRING C3 BOND

    QUESTION: Would like to know what value members typically have on their C3 bond for re-importing dunnage across the border from Canada. (Racks, wood, foam, cardboard) We cannot put serial #’s on the foam or cardboard, but could on the racks with wheels.   Trying to get this “packing material” back and forth without paying […]

  • CORPORATE CUSTOMS BONDS

    QUESTION: In updating a continuous bond is there any flexibility on how the parent and subsidiary companies are reported ? Is it simply one bond for the parent and list the importer numbers of the subs ? ================== ANSWERS: There is tremendous flexibility.  You can issue one bond and include all IOR numbers, or you […]