How to get a Continuous Customs Bond to Import Goods?
If you are a frequent importer in United States, this article is for you. A customs bonds (301 customs bond) is like an insurance paper that is mandatory for shipping in US. It is a surety bond between custom and importer that guarantee some specific obligations to be fulfilled. If an importer fails to pay taxes, fees, penalties and fines, customs bond aid government (CBP) to recover this money and identifying the defaulter. CBP Form 301 is required to be filled to obtain a continuous import bond or customs surety bond. There are two types of customs bonds CA allocated by U.S. Customs and Border Protection (CBP). First one is single entry customs bond and another is continuous custom bond or continuous transaction bonds. The single entry custom bond allows you to import once in a year. On the other side, continuous transaction bond is a bond that will cover all shipments imported within one year. What is Single Entry Bonds? As you read earlier, a Single Entry Bonds is ano