Through the years, Customs has had a number of different policies for ensuring that principals maintain bonds in an adequate amount. Customs’ current requirement is that a continuous importer bond be set in an amount equal to 10% of the duty, taxes, and fees paid to Customs in the last
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Apr
Apr
Maintaining a Sufficient Bond
Posted on: April 30th, 2012 • In Bond Type: 301-1 - Importer, Bonds
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Apr
Apr
Making Changes to a Bond
Posted on: April 30th, 2012 • In Bonds
The easiest and most common way to make a change to any bond is to file a rider, however, Customs only permits changes through four (4) specific riders. Changes not defined by these riders require the bond to be rewritten. Riders available to change the information on the bond are:
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Apr
Apr
What is an Importer Bond?
Posted on: April 30th, 2012 • In Bond Type: 301-1 - Importer, Bonds
An importer bond, or Activity Code 1, is the most common type of Customs bond. This type of bond allows an importer of merchandise to bring their goods into the United States. The bond guarantees that the entry paperwork is filed correctly by the principal or principal’s customs broker and
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Apr
Apr
Customs and Border Protection Revises Liquidated Damage Practices for Late Files and Mitigation Formulas
Posted on: April 30th, 2012 • In Claims
Customs and Border Protection (CBP) is in the process of making significant changes to its disposition of liquidated damage claims. One such change is to the amount CBP will assess upon mitigation of an initial claim for liquidated damages, upon receipt of a petition seeking relief and/or demonstrating the existence
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