American BOND by the FMC U.S. Federal Maritime Commission, is a kind of insurance, the beneficiary of the U.S. Government and the U.S. Customs, importers do not pick up the goods for any reason and do not pay any fees to abandon the goods, the U.S. Customs in addition to the overdue auction of the goods, you can ask the insurance company to pay for the goods in the U.S. to incur the costs (such as storage stacking fees, duties, taxes, etc.).
No BOND is equal to no record in the U.S. Customs, even if the ISF is sent, it can not be imported in the U.S. Customs clearance, so the goods will be rejected by the Customs and fined.
The use of American BOND According to the U.S. Customs regulations, the importation of American BOND is to ensure the fulfillment of the obligations stipulated in the laws and regulations. The primary purpose is to ensure payment of import duties and taxes and to ensure compliance with all U.S. laws and regulations governing the customs clearance of imported merchandise.
If the “CNEE consignee” does not purchase American BOND, it is the same as not filing in the U.S. Customs, even if the ISF 10 items are correct, it will not be accepted by the Customs, and will not be able to clear the customs, and will face the same fines.
Therefore, it is very important to ask the cooperative U.S. “CNEE consignee” whether it has purchased American BOND before shipment, so as to avoid fines arising from customs clearance, abandonment of goods, and entanglement of the situation.
American BOND purchase program
- The first choice: you can buy continuous bond, also known as annual bond, you only need to buy once a year, applicable to importers who often import goods (if you buy continuous bond, you do not need to buy another ISF bond).
- The second choice: to buy single bond (alone to buy a certain vote) single Single Transaction BOND (referred to as STB, single BOND), applicable to infrequent importers of imported goods importers (if you buy a single bond, you must then buy another ISF bond).
American BOND classification
Continuous BOND
Because the cost of single BOND is not as cost-effective as annual BOND, there is no risk of dumping of goods will basically buy annual BOND, Customs and Border Protection (CBP) U.S. Customs from the beginning of 2015 to enable the paperless, all annual BOND must be handled with eBOND;
Single Transaction BOND
For the existence of dumping risk of goods, the U.S. Customs will require to buy a single BOND to avoid the risk of tax losses.
Documents required for BOND application
- CBP Form 301;
- Bond application (BOND application form);
- CBP Form 5106 (if applicable);
- Any other documents (such as POA/Power Of Attorney, partnership papers, etc.).
Two ways of customs clearance for U.S. DDP to door:
Customs clearance in the name of U.S. consignee and customs clearance in the name of consignor.
1、Customs clearance in the name of the U.S. consignee
That is, the consignee consignee to provide power of attorney power of attorney to the U.S. freight forwarding agent, at this time the need for the U.S. consignee Bond.
2、Customs clearance in the name of the consignor
This customs clearance method is supplied by the consignor POA (PowerOfAttorney: entrusted book) to the port of origin of the freight forwarder, the freight forwarder and then transferred to the port of destination agent, the United States agent to help the consignor in the United States for the importer customs registration number importer record of No. At the same time also need to consignor to buy the deposit, but the consignor can only buy the year deposit, not to be able to Purchase a single margin.
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