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AVALON RISK MANAGEMENT GENERAL AGENT FOR THE SURETIES IT REPRESENTS AMERICAN SERVICE INSURANCE COMPANY ELK GROVE VILLAGE, ILLINOIS GREAT AMERICAN ALLIANCE INSURANCE COMPANY CINCINNATI, OHIO CUSTOMS.

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How to fill out the CUSTOMS BOND APPLICATION & INDEMNITY online

Filling out the Customs Bond Application & Indemnity form online can be straightforward when you know each component and what information is required. This guide will provide you with a clear outline of the steps you need to follow to complete the form accurately.

Follow the steps to successfully complete the application online.

  1. Click ‘Get Form’ button to obtain the Customs Bond Application & Indemnity form and open it in your editing tool.
  2. In the 'Customs Broker Name' section, enter the name of the customs broker handling your transaction. Provide the contact person's name, phone number, and email address for any correspondence regarding your application.
  3. Fill in the 'Filer Code' and fax number where the completed application should be sent. Ensure this is accurate for timely processing.
  4. In the 'Applicant/Principal/Indemnitor Information' section, provide details about your company or yourself as an individual. Specify the business structure (e.g., Corporation, Partnership) and include the physical address, city, state, ZIP code, and country.
  5. List the 'Importer Contact Name' and their title within your organization. Indicate how many years your business has operated and if there is a previous surety you have worked with.
  6. Answer the questions related to credit extension and participation in periodic monthly statements, attaching any relevant information if applicable.
  7. Provide customs-related information including the importer number, continuous bond amount, activity code, and expected entry types relevant to your application.
  8. Complete the 'Merchandise Information' section, which includes a description of the merchandise, its country of origin, and associated values and duties from the previous year.
  9. If applicable, fill out the ISF information, including the bond type, effective dates, and past ISF filings, specifying how many you anticipate filing each year.
  10. Ensure all signatures are obtained where indicated, including for individual applicants, partnerships, or corporations. The document must be signed by the principal or an officer for it to be valid.
  11. Once you have filled out the entire form, review it for accuracy. You can then save changes, download, print, or share the completed application as necessary.

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A customs bond is a specific type of surety bond that is required of individuals who are importing merchandise into the United States. The purpose of the bond is to ensure that the importer pays all taxes, fees and duties in a timely manner.

In most cases, the amount of the bond must be at least 10% of the total duties and taxes paid to CBP annually at a minimum of $50,000....More videos on YouTube. Total Duties & TaxesBond Size$0 - $499,999$50,000$500,000 to $599,999$60,000$600,000 to $699,999$70,000$700,000 to $799,999$80,00011 more rows

What is a Customs Bond? A legal contract, usually issued through a licensed Customs broker, between an importer, a Surety company, and US Customs and Border Protection (CBP) that guarantees that the importer complies with Customs regulations.

How Long Do Customs Bonds Last? Although a continuous customs bond is good for the entirety of a year, it doesn't have an official expiration date. The continuous bond will remain in effect until one of the involved parties terminates it or payments cease to be made.

You can obtain a U.S. Customs and Border Protection bond through a surety licensed by the U.S. Department of the Treasury. Please visit the Bureau of the Fiscal Service for a list of sureties. Many Customs brokers sell bonds and are also agents for sureties.

How Much Is a Customs Bond? Total Duties & TaxesBond Size$0 to $499,999$50,000$500,000 to $599,999$60,000$600,000 to $699,999$70,000$700,000 to $799,999$80,0009 more rows • Mar 6, 2023

The calculation for a Continuous Bond amount is the estimated total duties, taxes, and fees for the previous or next 12 months (whichever is greater), multiplied by 10%. Round up to the nearest $10,000 to get the total bond amount. The minimum Continuous Bond amount for import bonds is $50,000.

When is a Customs Bond Required? CBP regulations require a Customs Bond to be on file for commercial imports on shipments valued at $2,500 or higher, even if the merchandise being imported is duty-free.

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