U.S. Customs and Border Protection (CBP) requires importers to maintain a bond when importing merchandise into the U.S. This can be a single entry bond (if you are not a frequent importer) or a continuous bond that lasts for one year.
The bond amount is calculated from the duties and taxes you pay, generally 10% of the duties and taxes paid in a calendar year. The minimum continuous bond is $50,000 and increases in increments of $10,000.
Expect to pay about $300 to $600 a year for the minimum continuous bond, depending on your situation.
In-bond movements are different: the bonded carrier moving the goods needs a custodial bond (Type 2) on file with CBP.
That custodial bond is what CBP holds against if an in-bond is not closed on time. The 7512 identifies the bonded carrier, and the carrier is responsible for delivering the cargo to the destination port, or out of the country, within the in-bond deadlines.
A forwarder or broker can file the 7512 for a bonded carrier, using the carrier's identification and a power of attorney. Prestige Worldwide files for carriers and forwarders this way, 24/7, and can point you to bond partners if you need a custodial or importer bond.
Need a bond? Reach out and we'll connect you with our bond partners.
