CDI can provide the Customs Bonds necessary to cover any importation contingencies that may arise during your goods logistics. Customs bonds are legal contracts between an importer, a surety company, and US customs and border protection. They ensure all duties, taxes, and fees owed on a shipment are paid.
Without customs bonds, imports can be denied entry or significantly delayed. Importers may face fines or penalties for noncompliance and risk seizure of their goods if duties and taxes aren’t paid. All of this can create significant impact to your business by adversely effecting your supply chain. Let CDI handle all of your customs bond needs.
These bonds are your insurance policy against fees, duties, taxes and other costs when goods get lost, stolen or destroyed. CDI has established and vetted resources to secure bonding quickly and efficiently. Keep in mind, these bonds are in place to protect the financial interests of the US Government and not the importer. Customs, bonds guarantee importers pay applicable import duties, taxes, fines, and penalties.
Here are some coverage types:
Single entry bond:
Bonds often utilized for occasional shipments into a specific port of entry. An example is bonding needed for importing equipment or parts for a one-time repair.
Continuous bond:
Bonds covering all shipments at all U.S. ports for a year. They renew automatically until canceled, so these bonds keep your on-going imported goods moving without needing repetitive bonding.
FTZ (Foreign Trade Zone) bonds:
Foreign trade zone bonds are essential for operating within designated areas in the United States known as foreign trade zones. FTZs are locations where merchandise can be imported before formal entry and duty payments are made by allowing delayed or reduced duty payments on foreign goods.
These bonds insure FTZ operators comply with laws and customs regulations regarding merchandise within an FTZ. The bonded amount is typically a minimum of $50,000-US. The bonded business uses the bond to guarantee payment of duties, taxes, and fees on all merchandise admitted into the FTZ, as well as customs officer, compensation and compliance with importer security filing requirements.
Foreign trade zones are advantageous for manufacturing, distribution, and processing businesses. The special zones offer streamlined customs procedures, and may improve cash flow for many businesses. CDI can help you satisfy all of your bonding needs for foreign trade zones.
Warehouse and marine terminal operator bond:
Warehouse and marine terminal operator bonds are essential for operators handling cargo at ports and marine terminals, and for goods storage in bonded warehouses.
Bonds for these facilities guarantee payment of penalties if operators release containers designated for security inspections without authorization. The Department of Homeland Security aims to prevent unauthorized container releases that could potentially carry dangerous materials, so terminal operators must post bonds with liability coverage in amounts often determined by the local port Director.
A bonded warehouse is similar to a foreign trade zone (FTZ). These secure warehouses store imported or export goods awaiting clearance from customs on their journey to their destination country or zone. These warehouses can provide tax deferral until the cargo is released, processing flexibility so goods can be cleaned, sorted or altered within the warehouse.
Marine terminal operators (MTO) provide facilities for ocean carriers to dock, warehouse, and unload cargo. Terminal operators must post bonds to ensure compliance with CBP regulations. The bonds mitigate financial risk in the event of unauthorized container releases.
CDI removes the hassle and confusion of securing customs and operator bonds so you can focus on your core business. There are many different types of bonds written to streamline trade, protect against risks, and ensure smooth import operations across the country. Contact Central Dispatch Inc. for all your bonding needs.