| Most importers know they have a continuous | | | | Import Bond |
| customs bond on file in order to bring goods into the | | | | Foreign Trade Zone Bond |
| U.S. However, some are not quite sure why they | | | | Drawback Bond |
| need the customs bond, what type of bond they | | | | Custodian of Bonded Merchandise |
| have on file and what they pay for their customs | | | | International Carrier Bond |
| bond. | | | | In the past the most common practice for an |
| All Customs bonds are financial guarantees between | | | | importer was to purchase their US Customs bond |
| 3 parties: the Insurance/Surety company issuing the | | | | through their broker. Their broker would purchase the |
| bond, the Principal (who is required to file the bond), | | | | bond on the importer's behalf from the surety and |
| and Customs & Border Protection (CBP). The | | | | then turn around and re-sell the bond to the importer |
| U.S. Customs bond guarantees Customs & | | | | at an increased rate. Newer business models have |
| Border Protection that if they cannot collect monies | | | | been adopted over the past 20 years allowing the |
| due from the Principal they can seek remedy, up to | | | | importer direct access to the surety and the savings |
| the bond amount, from the Insurance/Surety | | | | that come with cutting out the middle man. |
| Company. It also indemnifies the Insurance/ Surety | | | | Are you using single entry bonds? If you are |
| company, allowing them to use any legal means to | | | | purchasing single entry bonds to clear your goods, |
| collect from the Principal any monies that were paid | | | | take a look at what you paying annually. Continuous |
| to CBP on the Principal´s behalf. | | | | Customs bonds are more economical in most cases. |
| There are many types of customs bonds required by | | | | Save money purchase direct. |
| Customs & Border Protection (CBP) for various | | | | Save money purchase direct. |
| reasons. The most common types issued are: | | | | |