Get Cbp Form 301 0611 2015-2024

What are the bond amounts and how are they set? The minimum bond amount for continuous bonds is generally $50,000. For importers, the minimum continuous bond amount is $50,000 or 10 percent of the total taxes and fees paid in the previous 12-month period, whichever is greater.

The CBP requires that virtually all commercial imports are bonded, either with a Single-entry Customs Bond or a Continuous Customs Bond. Continuous Customs Bonds reduce paperwork, saving you time and hassle. If you import as few as two shipments per year, a Continuous Bond may still be of benefit.

What Is a Continuous Bond? A continuous bond is a financial guarantee commonly used in international trade that renews automatically until it is canceled. Continuous bonds do not expire as long as the client makes the required payment for each renewal.

A continuous bond is 10% of duties, taxes and fees paid for the 12 month period. Current bond formulas can be found on .CBP.gov. A single entry bond is generally in an amount not less than the total entered value, plus any duties, taxes and fees.

PURPOSE: The primary purpose for requesting the information on CBP Form 301 is used to ensure that duties, taxes, charges, penalties, and reimbursable expenses owed to the Government for imported goods are paid.

The import bond guarantees that CBP can collect all of the duties, taxes, fines, or penalties associated with importing into the United States. If the importer is not able to pay these amounts when they are dues, CBP will be able to collect payment from the Insurance/Surety Company that issued the bond.

The term “single entry bond” most often refers to a particular type of customs import bond. The primary purpose of the bond is to guarantee that the required duties, taxes, and fees are paid to U.S. customs when goods are imported into U.S. commerce, as well as compliance with all applicable federal regulations.

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A customs bond is required to import goods into the United States, as a form of insurance to protect the U.S. Treasury. A continuous customs bond will cover all of your import shipments for one year.