Question: We do not operate an FTZ nor are we a Bonded Warehouse. However, we do regularly get delivered uncleared (bonded freight – both I.T.s and T&Es) on a regular basis. However I found a Bond Rider on file for a “Custodian of Bonded Merchandise”. Although some of our local staff have told me […]
We are an importer, about to renew our continuous bond. I’d be interestedin hearing from any members who provide CBP with cash, U.S. bonds, Treasurynotes or Treasury bills in lieu of using bond sureties-pursuant to19CFR113.40. Personally, I’ve not heard of this concept before, but ourlegal team wants me to look into the possibilities. […]
When entering returnable totes and drums under HTS 9803.005 , do we need tohave a separate Customs Bond to support the entry? We have a continuousbond in place. ================================================== Answers: Yup you need an additional bond. ================================================= You need to look at setting up an IIT program (which requires an IIT bond). When this is […]
We are an importer, about to renew our continuous bond. I’d be interested in hearing from any members who provide CBP with cash, U.S. bonds, Treasury notes or Treasury bills in lieu of using bond sureties-pursuant to 19CFR113.40. Personally, I’ve not heard of this concept before, but our legal team wants me to look into […]
Question: Do any of the members have a process or procedure they are willing to shareregarding the management of bond decrementation? My company’s’ Drawbackbond covers many divisions and subsidiaries, most with differing EINs. There are also at least two different service providers completing /managing the drawback process for the Principals / Co-Principals listed onour bond; […]
Question: During our annual bond review, we have determined that the amount of ourbond needs to decrease significantly. I use the Focused Assessment Exhibit5T for guidance when making any changes to our reconciliation program. Oneof the red flags is the importer terminating a continuous bond. The FArecommended best practice is as follows: “Company performs a […]
Question: Pretty straight forward… just as a sanity check. Do you calculate the bond limits for a custodial bond like a standard continuous bond?? Also does having the custodial bond allow a company/facility to receive, store, trans-load, or enter for consumption bonded merchandise under their supervision?
Question: CBP form 301 for bonds show Activity code 1 for importer or broker. How is the bond amount determined for a broker? I cannot find the calculation for a broker. I understand that for an importer it is 10% of duty & taxes from the prior 12 month period.
Question: I am contemplating reducing the amount of our Customs continuous bond. The reduction could save the company $3500. Knowing that the old bond would have to be closed and a new bond rewritten, am I opening up the door for increased Customs questions since the bond number will be new? Our IRS # is […]
The 5th revision to the Customs regs says you have 15 calendar days from landing or arrival at port of destination if in bond , but thought entry had to be made with 5 days after arrival. This seems to be a change? I have someone in my dept writing brokers license and would like […]
We have a situation where one of the companies who shares space in our company but is not related has had their surety bond cancelled. They have applied for a new bond which should come very soon, but in the meantime they have no bond coverage for their imports. As the value of their imports […]
Question: Can the membership please share their experience with using a continuous bond for customs clearance versus cash deposits on a regular basis and are there any special requirements for using the bond?
