Any corporation, company or individual wishing to import goods into the United States, or engage in other import related activities or operations, is required to post a surety bond or its cash equivalent with the U.S. Customs & Border Protection (CBP). The bond guarantees that the importers will faithfully, and in a timely manner, abide by all laws and regulations governing the importation of merchandise into the commerce of the United States.
The bond is not designed or intended to protect the importer (rather it protects the people and government of the United States), nor does it relieve the importer of any of their obligations. The surety company, by bonding the importer, assumes the same duties and responsibilities of the importer.
The surety company will be called on for payment when an importer cannot or will not fulfill his obligations to the U.S. government. The surety company has the right of full recovery from the importer for any loss.
At the discretion of the importer, the bond form can be used to cover imports on either a single transaction or continuous basis. When the bond is completed for single transactions, the bond covers only one import entry. When executed as a continuous bond, it will normally cover all your transactions at all U.S. ports (excluding anti-dumping and countervailing duty entries).
A bonded carrier must post security with the U.S. Customs and Border Protection to cover the following situations:
Movement of goods to a U.S. Customs office inland (not located at the border) for release of the shipment at a later time or place; also known as “Bonded Merchandise”;
Movement of goods “in transit” through the United States. The bonded carrier uses the United States as a corridor, or a shortcut, by starting from a point outside the United States and then transiting through the United States to another point outside the United States (e.g. Canada → U.S. → Canada).
Movement of goods into the United States for export to a foreign market. (e.g. Canada. → U.S. → Mexico).
In all situations the goods in transit are not released in the United States.
BECOMING A U.S. BONDED CARRIER
You must post security with U.S. Customs and Border Protection (CBP) in the form of cash, certified cheque or a bond. The security amount is normally $25,000.00 and the time frame varies between 3 to 4 weeks.
Stateside is the largest service provider for the placement of U.S. Customs Bonds in North America.
Contact us to request a “CARRIER BOND INFORMATION SHEET” or to have a representative contact you directly.