The import and export business can be lucrative in today’s economy. And it’s no surprise that when involved in this industry, you must know and deal with customs bonds and other similar customs issues. From Mexican avocados to American cars, the U.S. economy depends on the continued strength of our importing and exporting practices, especially with our customs bonds dealing with appraisals, inspections, duties, taxes, regulations, etc.
At RM Customhouse Brokers, Inc., our customs broker agency can help you with customs transactions and issues to ensure all of your goods, and other merchandise are transported within U.S. trading laws. Due to the constant transporting of goods, customs bonds ensure that all imports are in compliance with U.S. Customs law.
Simply put, customs bonds are a type of insurance for U.S. Customs that guarantees import laws and regulations will be upheld and duties will be paid. There are many types of available customs bonds, and all are designed to protect and ensure payment of duties to U.S. Customs.
U.S. Customs receives a financial guarantee for custom bonds from 3 parties:
These financial guarantees mean that if CBP cannot collect money owed from the importer or the importer breaks the law or regulations, CBP will still receive up to the bond amount from the surety company. This also means that the surety company can collect from the importer the amount paid to CBP. And every business that wants to import and export goods in the U.S. is required by law to have customs bonds on file.
While many customs bonds are associated with different kinds of imported and exported goods and merchandise, the most common type of bond is an Import Bond. All importers are required to have this type of bond. It allows any shipments to go through the customs process.
Depending on a business’s import frequency, they can file a single transaction bond or continuous term bond. Failure to file the correct type of bond for your business can result in fines and penalties.
When it comes to your business, there is no reason to take unnecessary risks. RM Customhouse Brokers, Inc. knows what types of customs bonds you need, where to get them, and how to file them which requires specialized knowledge.
Instead of risking your business by not dealing with them correctly, our customs broker team has the experience and knowledge to handle them for you.