Is your company importing goods into the United States or considering importing in the future? To import successfully, the importer must have a customs bond on file with U.S. Customs and Border Protection (CBP). Customs bond compliance can be simple, but there is important information every importer should be familiar with.
1. What is a customs bond?
The principal can be an importer, a broker, a carrier, a bonded warehouse proprietor, a foreign trade zone operator or any one of a number of other parties which seek to do business with CBP.
The surety is normally an insurance company that has been authorized by the Department of Treasury to write CBP bonds. The principal and surety are also known as the bond obligors.
CBP is the beneficiary on all of the bonds it authorizes.