Customs and OTI Bonds | CBI Insurance & Transactions Bonds NY

The complexity in trading laws and regulations makes it stringent for companies in import or export enterprise. Trade laws and policies can be differing in any country. It is important to hire a customs brokerage to avoid delay in importing any commodities. Before shipping of any consignment companies need to clear custom documents and paperwork. If you are US based freight forwarder then you need to fulfill all pre-requisites made mandatory by U.S. Customs and Border Protection (CBP). These include Customs Bonds (301 customs bond) , Continuous Import Bond or Continuous Surety Bond . Delays in shipment can be harmful for any trader. Customs Brokers are required to avoid shipment latency and to clear your goods from all pertaining ports and officials. CBP Form 301 and Customs Form CF 301 need proper competency and knowledge of filling them. Customs Brokers Work A customs brokerage company or customs broker helps shippers in clearance of import/export cargos from c...

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 B...

The customs bonds can appeal you most if you ship frequently. Customs bonds are simply commitments between customs (U.S Customs and Border Protection – CBP) and the importer which contains important agreements of taxes and import duties . It is kind of contract that fulfills few of the importer’s duties. What are Customs Bonds? If you want to import some goods in US, a customs surety bond is really necessary because it makes the process easy, especially when someone imports goods for commercial purpose. It is government authorized bond that gives you permission to import/export something. There are two types of bonds – Single Entry Customs Bonds and Continuous Import Bond . Without customs bonds, your goods will not be accepted in U.S. Single Entry Customs Bonds Single Entry Bonds or Single Transaction Bonds are the bonds which you can use for only one import shipment. If you plan to import a container with its commercial value in excess $2,500, you would be able to p...