Custom bond is also known as importation bond, bought by the importer from a surety company, is a financial guaranty between the importer and the CBP, ensuring that all the duties and charges will be paid. Most importers have a customs bond. If you have a freight forwarder, they can help you obtain a customs bond. There are two types of bonds:
- Single transaction bonds: for single importation, typically covering as much as three times the value of the goods, suitable for importers who have very few importations a year. If you are a new importer and shipping few sample shipments from your suppliers – this is the right option for you.
- Continuous bonds: for all importations over a period of time – typically a year. Its value is at least $50,000, approximately 10% of the total duties and charges paid in the previous year; or reasonably estimated for the current year.