U.S. Customs requires that a “Single Transaction Bond” or a “Continuous Bond” be on file for all formal Customs transactions.  Both bond types are available through LIBERTY INTERNATIONAL.

 

 

SINGLE TRANSACTION BOND

Generally used by those importers who enter goods infrequently or use Single Transaction Bonds for other business reasons.  Customs requires the bond amount to be not less than the total entered value plus all duties, taxes and fees which apply unless the merchandise falls into one of the following categories.  In these cases, the bond amount must be not less than three times the total entered value of the goods:

 

CATEGORIES

 

1. FDA Merchandise

2. Alcoholic Beverages and Distilled Spirits

3. EPA

4. Federal Communication Commission

5. Department of Agriculture

6. Toxic Substances Control Act

7. Toys and fireworks (only if sampled by Customs for CPSC testing)

8. All merchandise subject to Quota and/or Visa requirements

 

 

CONTINUOUS BONDS

This is an annual Bond valid at any U.S. port of entry.  All continuous bond amounts are set by the District Director of Customs in the port where the application is made.  Bond amounts of not less than $50,000.00 are required.  A letter completed on the importer’s letterhead is submitted to Customs for approval.  Once approved, we forward a copy of the approval to our Bonding Company for their completion and signature.  As it usually requires thirty to forty-five days to process an application for a Continuous Bond, it is important that you forward your letter of application in a timely manner.  This avoids the cost of multiple Single Transaction Bonds while pending approval.  We recommend all active importers consider a Continuous Bond in order to reduce their expenses on import transactions.

 

 

 

 

 

Certified