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?
I just got a real shock from my Customs Bond Provider. I paid my yearly premium this past March. In April I got a notice from customs to increase my bond. I forwarded to bond provider who cancelled my existing bond and created a new one with the higher amount. I was expecting to get […]
I need to get additional information on how other companies handle POA and bond issues. We have at least 12 separate divisions who are importing and exporting from the US. Each division has it’s own EIN number, except those that have been integrated. Do I need to get a separate POA/ bond for each division […]
Who obtains your continuous customs bond? It has been my experience as a customs compliance manager with a couple of different importers that the Risk Management Dept would obtain one through their usual bond company, based on annual import value numbers that I supply. But now I have just discovered that another company (a subsidiary […]
