When an import is made into the U.S., the duties, taxes and fees are due to CBP within 10 days. The Periodic Monthly Statement Processing Program (PMS) allows the principal to pay these duties, taxes and fees on the 15th working day of the following month. This program is only offered for continuous Importer bonds. … Read more
Reconciliation is a CBP process which, according to CBP, “allows the importer, using reasonable care, to file entry summaries with CBP with the best available information, with the mutual understanding that certain elements, such as the declared value, remain outstanding. At a later date (anywhere from 12 to 21 months) when the specifics have been … Read more
An insufficiency notice or notice of claim never being received by the principal and mail being returned to Customs as undeliverable, causing a “bad address” insufficiency, are examples of the importance of Customs having the correct address information on file. Brokers and principals must be aware of the options available to them to keep these … Read more
Customs will allow the name and/or address on file with Customs for a continuous bond to be updated without the need for re-writing the bond, as long as the FEIN/IRS number remains unchanged. Before eBond went into effect, the entity’s name and/or address could only be updated by filing a rider along with the 5106 … Read more
For several years, U.S. Customs has been periodically monitoring 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 and surety company that requires the active bond to … Read more
In the event that your client has an annual Carnet bond, this is a reminder that the United States Council for International Business (USCIB) will be issuing letters in the beginning of October confirming the bond amount required for the principal’s annual Carnet bond for the 2016 term. Once this letter is received, please have … Read more
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 the appropriate amount of duties, … Read more
Liquidation is the process of final review of an entry by Customs which occurs approximately one year after the entry date for a typical consumption entry. In accordance with 19CFR 159.1, liquidation means the final computation, or assessment of duties on entries for consumption or drawback entries. Presently, the liquidation cycle utilized by CBP is … Read more
On January 4, 2015, our office filed the first continuous eBond with Customs and Border Protection (CBP) once the eBond process was released to the industry. Since eBond took effect, the landscape of filing and processing of CBP bonds has significantly changed. While the processing time of the continuous bonds has greatly decreased, there are a … Read more
Periodically, our office reviews our Customs bond application to ensure that it is up to date. The most recent application can be located on our website.
