Before we proceed what are the customs bond types, I will be giving you an idea first what is customs bond, so that you have a better understanding what it was.
A Customs Bond is required by U.S. Customs and Border Protection for passage of imported stock into the United States. A Customs Bond acts as a security for compliance with U.S. law and payment of obligations, fees, and taxes. Default beneath a Customs Bond comes about within the appraisal of exchanged harms or other legal charges surveyed by Customs.
The composing of a Customs Bond could be a very important portion of the import transaction. In case the Customs Bond isn't legitimately arranged and does not meet certain necessities, you, as the importer of record, may be confronted with serious issues. Without a legitimately executed bond, your shipment will not clear U.S. Customs.
Single Transaction Bond also known as a Single Entry Bond or (SEB) which covers a single customs entry. Single Transaction Bonds are for the most part calculated on the entered esteem of the stock also obligations, fees, and taxes. In case the products are subject to certain other government agency requirements or quota/visa, at that point the bond is for three times the whole entered value of the stock/merchandise/product.
Continuous Import Bond - which covers all entries made by an importer at all U.S. ports of passage. The legitimacy of the continuous bond is for one year. The least risk sum for a Continuous Bond is $50,000.00. Continuous Bonds are for the most part calculated at 10% of the obligations, charges and expenses paid in a twelve (12) month period.