Question: My new company has a bond insured through a brokerage. Is anyone familiar with this? Pros and cons? I am only familiar with working directly through a surety. Answer 1: Greetings, We work the same way, thru a broker for our bond. Next year we will work directly with the surety. No pro’s to […]
Question: Good day, I have a question regarding the need for bond on a shipment or racks (international instruments of trade) from Canada to Mexico for a non- auto decree customer; do the racks need to travel under a T & E bond? If we have the UPRR broker do a T3 on this do […]
Question: Hello, Is it possible for an IOR to put up the actual cash for a Continuous Customs bond and not go through a surety? (Yes, we had the same reaction you are having right now.) Can someone please point me to the bond regulations so we can investigate if it’s possible and then determine […]
Question: Does a US company need a bond to EXPORT goods of any kind of value? Answer 1: Bonds are only required for import shipments. The bond is a guarantee from the importer that all duties, taxes and fees attached to the shipment will be paid. Answered by: tcrescue4you@gmail.com
Question: Question about import bonds. Our Corporation’s import bond is up for renewal (Corp A). Last year we bought a company that current has their own IOR # (EIN) and clears under their own import bond. Call them Subsidiary B. The plan is to start merging them into the Corp entity. Treasury wants to close […]
Question: Hi All- we have an FTZ approved facility, but we do not currently import into this location using FTZ entry (only consumption). All previously imported FTZ inventory is cleared out, duty paid, etc. Should I maintain the FTZ Customs bond? Answer 1: My understanding is you have to maintain the bond until you close […]
Question: I’m curious regarding the typical level of collateral companies are providing their import bond providers for goods that are at risk for anti-dumping duties. Our CEO is questioning our level, but from my limited experience it’s pretty good (just under 20%). Would greatly appreciate any input from others on your experiences. Answer 1: Hello, […]
Question: My company recently acquired another company. The new company will operate as a separate entity however we would like to apply for one Import bond with 2 co-principals. Please advise whether this would be an issue having 2 separate entities on one import bond rather than 2 separate import bonds for each entity.Thank you […]
Question: We are currently having issues with our Canada warehouse and want to know if the following is an option as we have a bonded warehouse located in the US. Can we move our goods in-bond from the port of NY to our bonded warehouse in the US and then move them out of our […]
Question: Our corporate address is going to change. Not our tax ID/EIN, just the registered physical address. What should I be doing? Global trade compliance manager is my title and role. Bonds? What else? Answer 1: One requirement is to change your DDTC registration. See 22 CFR 122.4(a)(2)(ii). Answer 2: An updated 5106 should be […]
Question: We are a customs broker. Our client is nearing the max allowed for their current bond of 600K. The surety wants a bond at 700 or 800 K. The surety requested financials and after review require them to obtain a letter of credit from their bank. Their bank will not provide. Is it possible […]
QUESTION: We are purchasing the yearly bond for our company through our broker and need to have them change our address. The broker is requesting updated POA just to request an address change, should the POA be required after the address change is submitted, not before? I don’t want to issue new POAs to this […]
