On March 8, 2018 the President issued proclamations to increase the tariffs/duties owed on the importation of steel and aluminum articles into the United States. These changes have caused some concern in the U.S. Customs and Border Protection (CBP) world, especially regarding the bond amounts for continuous Importer bonds. Since
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Sep
Sep
CBP Insufficiency
Posted on: September 13th, 2018 • In Bond Type: 301-1 - Importer
CBP periodically monitors the sufficiency of active bonds they have on file. If they find that an active Importer bond is not sufficient according to it’s published directive, which is based on the import activity of the principal, they may do one of two things. (1) In the event that
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Apr
Apr
What is an Airport Security Bond?
Posted on: April 30th, 2018 • In Bond Type: 301-11 Airport Security, Bonds
Do you have construction clients who work, or will be working, at an international airport? If so, they may need an Airport Security bond before they start the job. According to Customs: “Customs security area” means the Federal inspection services area at any airport accommodating international air commerce designated for
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Apr
Apr
What is a Custodian of Bonded Merchandise bond?
Posted on: April 30th, 2018 • In Bond Type: 301-2 - Custodian of Bonded Merchandise, Bonds
A Custodian of Bonded Merchandise bond, activity code 2, covers various types of operations for companies transporting or holding goods that have not yet entered the commerce of the United States for export or entry at a later time or place; also known as “Bonded Merchandise.” Operations such as bonded
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Jan
Jan
Customs “Bad Address” Policy – Why a Current Address is so Important.
Posted on: January 17th, 2018 • In Bonds
It has become ever more important for bond principals to keep their Customs bonds up to date. In the last few years, Customs and Border Protection (CBP) has initiated a number of policies that can have a serious effect on your client’s ability to operate. One of the most consequential
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Jan
Jan
How to Update Names & Addresses on File with CBP
Posted on: January 17th, 2018 • In Bonds
Before eBond went into effect, an entity’s name and/or address on file with CBP for a continuous bond could only be updated by filing a rider along with the 5106 form. Neither the address, nor the name, could be changed without the consent and formal acknowledgement by the principal and
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Jan
Jan
The Freeze Program for Addresses
Posted on: January 17th, 2018 • In Bonds
Given the impact that incorrect information on file with CBP can have, it is important that brokers and principals be aware of the options available to them. One such option is the “Freeze Program,” which CBP has had in effect for many years, which could help the principal control the
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Apr
Apr
Executive Order on Antidumping and Countervailing Duties
Posted on: April 6th, 2017 • In Bonds
On March 31, 2017, President Trump executed the Presidential Executive Order: Establishing Enhanced Collection and Enforcement of Antidumping and Countervailing Duties and Violations of Trade and Customs Laws. Based on this Executive Order, U.S. Customs and Border Protection (CBP) immediately began the process to implement this Order. Upon announcement
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Apr
Apr
Understanding Antidumping and Countervailing Duties
Posted on: April 6th, 2017 • In Bond Type: 301-1 - Importer, Bonds
When U.S. Industries have suspicion that specific commodities from certain countries are being imported and sold below fair market value, they may petition the U.S. Government to impose special duties on imports of these goods. These duties are referred to as antidumping duties (ADD). Similarly, when U.S. Industries have suspicion
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Jan
Jan
Who Handles Your Customs Bond?
Posted on: January 13th, 2017 • In Bonds
There have been a lot of recent changes to the U.S. Customs bond industry, from sureties pulling out of the Customs bond business to Managing General Agents (MGA) moving to other surety markets. Unfortunately, Customs will not allow the surety on a bond to be changed without re-writing the bond.
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