Duty Drawback, or the 301-1A, is a process by which an entity, known as the claimant, may recover up to 99% of the duty they paid on goods to enter those goods into the country & then either exported or destroyed those goods. The claimant may file a claim with Customs up to 3 years from the date of exportation or destruction. A claimant is not required to have a bond in order to claim drawback, however if they wish to gain the benefit of accelerated drawback then a bond must be filed.
Accelerated drawback is just what it sounds like, an acceleration of payment, as compared to normal drawback. While Customs may take up to a year to pay under a normal drawback situation, they will pay in approximately 2 months, if the principal has accelerated drawback privileges. The bond amount is set at 100% of the total duty drawback you wish to receive in an accelerated manner. This goes for both single entry and continuous bonds. Please contact our office for more information on this or any other types of bonds.