Customs bonds, also known as Surety Bonds, are required by the US Customs Service and are a way for the Customs to protect themselves in the event that liquidated damages are assessed against an importer, and so they can collect on money owed.
It is important that these bonds be written correctly. If they are not, your shipment will not pass through customs. In the last 30 years, we have NEVER had a shipment rejected by Customs based on a Customs Bond being mis-filed.
There are two types of Customs Bonds:
Single Transaction – These bonds are to be used to import a single shipment at a single port. This type of bond is typically used for importers that import only a single shipment in a year.
Continuous Bond – These bonds are used for importers that import on a regular basis. The most common bond size for a continuous bond is $50,000.