customs bonds

Types of Customs Bonds

There are several types of customs bonds that are necessary to import goods into and export goods out of the United States. Here is an explanation of the most common bonds.

Importation

The most straightforward type of customs bond is the importation bond. By obtaining this bond, an importer is guaranteeing that all laws and regulations governing importation of goods from foreign lands will be followed. It also guarantees the payment of taxes and import duties on the goods.

Custodial

When goods need to be transported from the port of arrival to a warehouse destination, a custodial bond is needed. This guarantees the safe and law-abiding conveyance of the goods. Some examples of who needs these customs bonds include truck transport companies, bonded warehouses, container freight stations, and exam stations.

Airport Customs Security Area

An airport customs security area bond is needed to be acquired by the principal in order to guarantee compliance with United States Customs regulations. This bond’s area of coverage includes customs security areas that are either in or around airports. The principal’s employees are also covered by this type of bond in the fulfillment of their duties.

Drawback

A drawback is a type of refund on a customs bond. It occurs when merchandise imported into the United States is exported back out again. It is essentially a refund of an importation bond.