What does “Bond” mean?
Bond refers to the deposit purchased by U.S. importers from customs, which is mandatory. If an importer is fined for certain reasons, U.S. Customs will deduct the amount from the bond.
Types of Bonds:
Also known as Continuous Bond in the system, it is purchased once a year and is suitable for importers who have multiple imports within a year. The fee is approximately $500 for an annual import value of up to $100,000.
Also known as Single Transaction in the ISF system. The minimum cost is $50 per shipment, with an additional $5 for each increment of $1,000 in the shipment value.
Bond Customs Clearance:
For U.S. DDP shipments, there are two clearance methods: clearance in the name of the U.S. consignee and clearance in the name of the shipper.
1.Clearance in the name of the U.S. consignee:
In this clearance method, the U.S. consignee provides a power of attorney to the U.S. agent of the freight forwarder. The bond of the U.S. consignee is required for this process.
2.Clearance in the name of the shipper:
In this case, the shipper provides a power of attorney to the freight forwarder, who then transfers it to the U.S. agent. The U.S. agent assists the shipper in obtaining the importer record of No., which is the registration number for the importer with U.S. Customs. The shipper is also required to purchase a bond. However, the shipper can only purchase an annual bond and not a single bond for each transaction.
Post time: Jun-26-2023