A Temporary Importation entry, or TIB (which stands for Temporary Importation Bond, a misnomer), is one of several ways goods can be entered into the U.S. When goods are entered in this manner, the importer is declaring to Customs that they are exempt from having to pay duties as the merchandise will be exported out … Read more
While many other lines of insurance can be terminated on any day the client chooses, Customs bonds require sufficient advance notice and some forethought before being cancelled. The two most common ways to terminate a Customs bond is by a request from the principal, or at the request of the surety. When a principal would … Read more
Duty Drawback, or the 301-1A, is a process by which an entity, known as the claimant, may recover up to 99% of the duty they paid on goods to enter those goods into the country & then either exported or destroyed those goods. The claimant may file a claim with Customs up to 3 years … Read more
Customs periodically monitors the sufficiency of active bonds they have on file. If Customs finds that an active Importer bond is not sufficient based on the import activity of the principal, they will provide a sufficiency notice to the principal requiring the bond to be rewritten at a higher amount. When sending this notice to … Read more
