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Customs Bonds

What is a Customs Bond?

U.S. Customs & Border Protection (CBP) requires security from importers seeking to bring goods and materials into U.S. commerce. Customs bonds are specific types of surety bonds defined as “a contract which is given to ensure the performance of an obligation imposed by law or regulation”.

The primary purpose of these bonds is to guarantee the payment of import duties and taxes, and to ensure compliance with all laws and regulations governing the entry of merchandise from foreign countries into the United States.

Do I Need a Customs Bond?

If you are importing merchandise into the United States for commercial purposes valued over $2,500, regardless of how you plan to ship your goods, or if a commodity is subject to other federal agencies requirements (ex: firearms or food), you must post a customs bond.

Types of Custom Bonds

The type of customs bond you need or select depends on how often you plan to import goods, single entry or continuous bond.

Single Entry Bond

Covers single shipments of imported goods into the United States. This customs bond is useful for companies that only import merchandise two or three times a year. A single entry bond must at least be worth the value of the goods you are importing, plus any applicable duties, fees, and taxes.

Continuous Transaction Bond

A continuous bond will cover all customs transactions through all ports of the country for an importers’ shipments during a one-year period. Continuous CBP (U.S. Customs) bonds remain in force from the effective date until terminated by the principal or the surety.

At Tradeworks, our helpful team of bond specialists will guide you to the customs bond that is right for your business.

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