Customs and OTI Bonds | CBI Insurance & Transactions Bonds NY

There are so many documents and papers exchanged between customs, carriers, and shippers when they are processed for importing commodities in the US for commercial purposes.   These documents are certainly overwhelming for someone who is new to the importing. It seems out of capability and brings stress while you actually attempt to understand the process. With plenty of freight forwarding companies and customs brokers available both offline and online, shippers are evidently believed in hiring them but most of them sign bad deals which cost heavily at a crucial time. A customs surety bond ensures both importers and the U.S. Customs and Border Protection (CBP) that all import taxes, fees, and duties will be paid timely. It is kind of a legal agreement that ensures all required duties, taxes, and fees levied on the commercial goods being imported will be paid to the federal government. Customs bond is required by the CBP when goods valued at over $2,500 are imported and...

If you are a trader and new to importing goods from foreign countries into the United States, there are many requirements, regulations, restrictions involved which you have to remember and comply with. The supply chain has become more complex than ever that involves several activities including freight forwarding, customs documentation, clearance, vessel unloading, and retention. When importing goods into the US for commercial purpose, Customs and Border Protection (CBP) agency require you to obtain certain documents including 301 customs bond . It is still a matter of concern for many shippers to understand the process of clearance of goods when it’s reached the destination port. However, they always have an easy option to hire a freight forwarding company which settles most of the headache of the process. A customs broker is a key person who is licensed to prepare crucial import documents and submit them to CBP prior to the shipment. Customs Brokers There are many cust...

You may find several types of bonds in the market such as contractors bonds, dealer bonds, bid bonds, etc. You may have heard of performance/contract bond that guarantees satisfactory completion of a project by a contractor. That saves consumers from poor business practices and unsatisfactory outcomes. A surety bond has a little different definition. It is like an insurance policy/contract issued by a third party agency/brokerage to a business/individual that guarantees its services to its customers. Identically, a customs surety bond is a contract between three parties – the importer, bond issuer, and the US Customs and Border Protection (CBP). A customs bond is required by the CBP that guarantees payment of duties and taxes on time. It also bonds the importers to import items from foreign countries that comply with relevant laws and regulations. Customs Bonds In order to import merchandise in the United States, importers need to provide a customs surety bond to the CBP...

Importing merchandise into the United States can be a nightmare for newbies. You probably have had listened to a lot of chant about the horrible duties and taxes being charged and seized goods due to insufficient documents. A customs bond is one of the important documents that importers require when they tend to import goods for commercial purposes. To avoid any crappy situation and delay in the process, you have to ensure that your goods are in compliance with the government rules and regulations. Customs and Border Protection (CBP) is the main federal agency which is responsible for collecting duties and fees for all international trade transactions and enforcing the US regulations. Importers are required to meet with particular rules and regulations and have to possess a license when importing specific products such as food, animal, plants, medicines, and firearms. These items are subject to other federal agencies and importer needs to obtain a permit and other customs sur...

When importing merchandise into the United States, importers are required to obtain the necessary customs bond . With the establishment of Customs and Border Protection (CBP), it became a priority for the American government to keep its land safe from dangerous merchandise. CBP is a border enforcement agency that is responsible for controlling, regulating, and monitoring the transaction of goods between the US and other countries. Customs surety bond varies with the type of activity involved for a transaction and thus it becomes quite complicated for merchandizers to calculate the right bond amount. Customs Bond A 301 customs bond is a contract between the importer, CBP, and a surety company. The purpose of a bond is to ensure the payment of duties, fees, and taxes levied on shipment to the CBP. It also ensures that the shipment made is in compliance with rules and regulations of CBP and pertinent agencies. The bond conditions, prices, validity, and method of submission ...