CBLE CBLE Bonds and Surety Requirements 1 — Questions and Answers
Question 1: What is the minimum continuous bond amount required for importers who import goods subject to antidumping or countervailing duties?
- $50,000
- Three times the total duties, taxes, and fees paid in the prior year (Correct answer)
- 10% of the value of goods imported
- $100,000
Correct answer: Three times the total duties, taxes, and fees paid in the prior year
CBP requires that continuous bonds for importers with AD/CVD liability be set at three times the total estimated duties, taxes, and fees paid during the previous year.
Question 2: Which CBP form is used to file a customs bond?
- CBP Form 301 (Correct answer)
- CBP Form 7501
- CBP Form 3461
- CBP Form 28
Correct answer: CBP Form 301
CBP Form 301 is the Customs Bond form used to establish both single-entry and continuous bonds with U.S. Customs and Border Protection.
Question 3: What is the standard minimum continuous bond amount for importers who pay less than $10,000 in duties annually?
- $5,000
- $10,000 (Correct answer)
- $50,000
- $25,000
Correct answer: $10,000
The standard minimum continuous bond amount is $50,000, but for importers with less than $10,000 in annual duties, CBP may accept a $10,000 bond in some circumstances.
Question 4: A single-entry bond must be in an amount equal to at least what percentage of the total entered value?
- 5%
- 10% (Correct answer)
- 15%
- 20%
Correct answer: 10%
A single-entry bond must be in an amount at least equal to the total duties, taxes, and fees, but no less than 10% of the total entered value.
Question 5: Who are the three parties to a U.S. customs bond?
- Importer, exporter, and CBP
- Principal, surety, and CBP as obligee (Correct answer)
- Broker, carrier, and importer
- Manufacturer, broker, and CBP
Correct answer: Principal, surety, and CBP as obligee
A customs bond has three parties: the principal (importer/broker), the surety company (guarantor), and CBP as the obligee (beneficiary).
Question 6: What happens to a surety's liability under a continuous bond when CBP terminates the bond?
- Liability ends immediately upon termination
- Liability continues for entries made before the termination date (Correct answer)
- The surety must post a replacement bond
- Liability is transferred to the importer only
Correct answer: Liability continues for entries made before the termination date
When a continuous bond is terminated, the surety remains liable for all entries and transactions that occurred while the bond was in force, even after termination.
CBLE CBLE Bonds and Surety Requirements 1
What is the minimum continuous bond amount required for importers who import goods subject to antidumping or countervailing duties?