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 […]
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 […]
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. […]
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 […]
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 […]
QUESTION: My company’s import bonds are up for renewal and we have numerous U.S. legal entities listed under two separate bonds. Should we try to consolidate them under one bond? If so, what would be the steps to do that? If not, why not? ========== Answers: You can consolidate them by simply contacting your bonding […]
QUESTION: I am writing to ask the membership about their experience regarding the cancellation of an existing Customs bond and the re-issuing of a new bond. Have you experienced delays in your shipments due to the cancellation and re-issuing of the bond? Any advice how best to avoid potential delays? ========== Answers: When you cancel […]
QUESTION: Is it a requirement for having an ‘active’ customs bond at the time of filing the Reconciliation Entry(Type 09 Entry)? We changed the customs bond in the middle of the year and I guess many importers may be doing this as well. Example: Entries filed from 1/1/2016 through 9/10/2016 – Bond number 1 – […]
QUESTION: What is the process to transfer an import from a broker’s bond to an importer’s bond after entry? ================ ANSWERS: File a CBP form 3347 within 90 days of entry date. ==================== Bond transfers are explained in 19 CFR 141.20 141.20 Actual owner’s declaration and superseding bond of actual owner. (a) Filing – (1) […]
Question: I am working with a company with no import history. The company will have about 20 entries this year. The Continuous Bond formula includes previous year’s import history of duty and taxes. Can it still get a Continuous Bond? ============================= ANSWERS: Yes, it can. ============================= Yes, you can still get a continuous bond. […]
Question: Our company is selling off one of our smaller divisions. Each division has its own IOR suffix listed with CBP and is also listed separately on our import bond. Is it necessary that CBP be notified that this suffix will no longer be active, and to have the IOR suffix removed from our bond? […]
Question: Company A was a partial owner of Company B. Company B was a small volume importer that never had its own import bond and instead either cleared shipments via a courier’s bond. Company A later takes full ownership of Company B, even though Company B still maintains its own unique EIN. While purchase orders […]
