Our office has made a few updates to the annual renewal notices in the past few months. The largest change is the inclusion of a Bond Summary form for each bond. The Bond Summary provides our clients with the basic information on the bond and a list of all the entities which includes their addresses … Read more
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 2016 term. Once this letter is received, please have … Read more
An importer bond, or Activity Code 1, is the most common type of Customs bond. This type of bond allows an importer of merchandise to bring their goods into the United States. The bond guarantees that the entry paperwork is filed correctly by the principal or principal’s customs broker and the appropriate amount of duties, … Read more
Liquidation is the process of final review of an entry by Customs which occurs approximately one year after the entry date for a typical consumption entry. In accordance with 19CFR 159.1, liquidation means the final computation, or assessment of duties on entries for consumption or drawback entries. Presently, the liquidation cycle utilized by CBP is … Read more
On January 4, 2015, our office filed the first continuous eBond with Customs and Border Protection (CBP) once the eBond process was released to the industry. Since eBond took effect, the landscape of filing and processing of CBP bonds has significantly changed. While the processing time of the continuous bonds has greatly decreased, there are a … 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.
Customs is currently working on an overhaul to Customs bonds and how they will be filed. We are dedicating this newsletter to Customs new eBond filing system and what it will mean to our broker and principal clients. What is eBond? eBond, short for Electronic Bond, is the new process Customs will be using to … Read more
Liquidation is the process of final review of an entry by Customs which occurs approximately one year after the entry date for a typical consumption entry. In accordance with 19CFR 159.1, liquidation means the final computation, or assessment of duties on entries for consumption or drawback entries. Presently, the liquidation cycle utilized by CBP is … Read more
Effective January 1, 2012, Customs and Border Protection will require all new bonds to be filed on the new bond form 301. At this time, Customs has advised that only new bonds filed with an effective date of January 1, 2012 or later must be on the new bond form. Existing bonds will not be … Read more
When an import is made into the U.S., the duties, taxes and fees are due to Customs 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
