Customs Bonds (also known as Surety Bonds) are required by the U.S. Customs Service (Title 19 USC, section 1623) as a means to ensure that importers guarantee payment in the event that liquidated damages are assessed against shipments imported into the country. A bond is intended to protect the U.S. government in the event the importer cannot or will not fulfill their obligation to pay monies due.
The writing of a Customs Bond is a very important part of the import transaction. If the Customs Bond is not properly prepared and does not meet certain requirements, you, as the importer of record, may be faced with serious problems. Without a properly executed bond, your shipment will not clear U.S. Customs.
Customs Bonds (also known as Surety Bonds) are required by the U.S. Customs Service (Title 19 USC, section 1623) as a means to ensure that importers guarantee payment in the event that liquidated damages are assessed against shipments imported into the country. A bond is intended to protect the U.S. government in the event the importer cannot or will not fulfill their obligation to pay monies due.
The writing of a Customs Bond is a very important part of the import transaction. If the Customs Bond is not properly prepared and does not meet certain requirements, you, as the importer of record, may be faced with serious problems. Without a properly executed bond, your shipment will not clear U.S. Customs.
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