A single entry bond (or single transaction bond) is a one-time use bond. Customs will accept single entry Importer bonds, Drawback bonds and International Carrier bonds. The most common single entry bond is the Importer bond. This type of bond can be used if the principal has an entry that must be cleared and does not have a continuous bond. It can also be used if there is a continuous bond in effect and the entry to be cleared has a duty amount higher than the continuous bond amount, or for any number of reasons that Customs may require additional security.
When posting a single entry Importer bond, it is important to note that the bond amount varies depending on different pieces of information, like the country of origin and the specific commodity. The bond amount could be anywhere from 10% of the entered value, or 3 times the entered value, based on these variables. Because of these variables and changing Customs requirements, it is always best to have the principal confirm the bond amount required wtih Customs.
Due to the time sensitive nature of these types of bonds, it is critical that they be delivered timely to the principal. Fortunately, our office has a great deal of experience with the issuance of these bonds and has proprietary systems in place that can allow these bonds to be delivered the same day they are requested, as long as the appropriate underwriting information is in place.