Surety bonds for importers have long been a part of the transportation industry. Your clients often need to secure a Customs Bond to guarantee the payment of import duties and taxes, as well as to assure compliance with all laws and regulations governing the entry of merchandise from foreign shipping points into the US. This is just one of many transportation-related bonds specific to this industry. Without certain bonds in place, it would be difficult, if not altogether impossible to move freight, and other precious cargo, in and out of the Country.
Whenever merchandise is imported into the US (and later exported), a principal may be entitled to a refund of duty, commonly referred to as a “drawback claim”. A claimant may recover up to 99% of the duty they’ve paid on goods to enter those goods into the country and later either export or destroy those goods. The claimant may file a claim with Customs up to 3 years from the date of exportation or destruction. A claimant is not required to have a bond in order to claim drawback, however, if they wish to gain the benefit of accelerated drawback then a bond must be filed.
The custodian of a bonded merchandise bond covers conveyances that carry merchandise and bonded facilities, including truck carriers, In-Bond movement, bonded warehouses, container freight stations, and/or a centralized exam station. A receipt is issued representing a security held by a custodian or transfer agent. It represents ownership of the security by the depositor. A security in custodial receipt form is usually non-transferable.
A Foreign Trade Zone (FTZ) operator is required to secure a bond to assure compliance with Customs regulations. The current minimum bond amount required by the Customs & Border Protection (CBP) is $50,000.
There are also specialty bonds available to fit the needs of shippers and freight forwarders, such as ATA Carnet Bonds, BMC-84 Bonds for property brokers, and Ocean Transportation Intermediary (OTI) Bonds that responds to claims filed by shippers to ensure compliance with Federal Maritime Commission regulations. Surety bonds for importers provide an important service to transportation specialists.