CBLE Bonds and Surety Requirements Flashcards
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Read the first 6 CBLE Bonds and Surety Requirements flashcards as text
What is the minimum continuous bond amount required for importers who import goods subject to antidumping or countervailing duties?
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.
Which CBP form is used to file a customs bond?
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.
What is the standard minimum continuous bond amount for importers who pay less than $10,000 in duties annually?
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.
A single-entry bond must be in an amount equal to at least what percentage of the total entered value?
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.
Who are the three parties to a U.S. customs bond?
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).
What happens to a surety's liability under a continuous bond when CBP terminates the bond?
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.