In the event that your client has an annual Carnet bond, this is a reminder that the United States Council for International Business (USCIB) will be issuing letters in the beginning of October confirming the bond amount required for the principal’s annual Carnet bond for the 2017 term. Once this letter is received, please have … Read more
Customs moved to the eBond process in January 2015 to allow the bond information to be electronically filed with Customs. There have been a number of positive changes based on the eBond process, such as the speed in which a new bond can be filed and the reduction in paperwork that must be completed. Thanks … Read more
Occasionally, companies express an interest in listing more than one entity on a bond. In these situations, Customs does allow separately incorporated entities to be listed on the same bond as co-principals as long as the entities each have the same distinct legal status, such as corporations, partnerships or sole proprietorships. It is important for … Read more
Periodically, our office reviews our Customs bond application to ensure that it is up to date. The most recent application can be located on our website.
When an import is made into the U.S., the duties, taxes and fees are due to CBP within 10 days. The Periodic Monthly Statement Processing Program (PMS) allows the principal to pay these duties, taxes and fees on the 15th working day of the following month. This program is only offered for continuous Importer bonds. … Read more
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 … Read more
Our office is now notifying bond principals via email of any claims issued by CBP against the bonds we handle. Therefore, it is important to ensure that our office has the most current contact information for a bond principal to ensure timely responses to Customs on claims. Please contact our Claims Department, claims@cashea.com, if there … Read more
An insufficiency notice or notice of claim never being received by the principal and mail being returned to Customs as undeliverable, causing a “bad address” insufficiency, are examples of the importance of Customs having the correct address information on file. Brokers and principals must be aware of the options available to them to keep these … Read more
Customs will allow the name and/or address on file with Customs for a continuous bond to be updated without the need for re-writing the bond, as long as the FEIN/IRS number remains unchanged. Before eBond went into effect, the entity’s name and/or address could only be updated by filing a rider along with the 5106 … Read more
For several years, U.S. Customs has been periodically monitoring the sufficiency of active bonds they have on file. If Customs finds that an active Importer bond is not sufficient based on the import activity of the principal, they will provide a sufficiency notice to the principal and surety company that requires the active bond to … Read more
