Reconciliation is a CBP process which, according to CBP, “allows the importer, using reasonable care, to file entry summaries with CBP with the best available information, with the mutual understanding that certain elements, such as the declared value, remain outstanding. At a later date (anywhere from 12 to 21 months) when the specifics have been determined, the importer files a Reconciliation which provides the final and correct information. The Reconciliation is then liquidated, with a single bill or refund, as appropriate.”
In order to participate in this program there are 2 steps the Importer must complete:
- An application must be submitted by the principal directly to the Reconciliation Team with CBP. While our office is unable to file the underlying application on the principal’s behalf, we would be able to help with any questions the principal has on the Reconciliation process.
- A rider must be issued to the current continuous Importer bond. This rider would need to be executed for all principals listed on the bond.
If your client requires a Reconciliation rider to be added to their current Importer bond, please contact our office and we will provide the necessary paperwork to have the rider added.