The principal on a bond 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 that seek to do business with CBP. The principal gives the bond to CBP to insure satisfactory performance of obligations that it undertakes. The surety: The surety is normally an insurance company that has been authorized by the Department of the Treasury to write CBP bonds. The surety agrees to pay any liability that might arise from the principal's failure to perform its obligations. The principal and surety are also known as the bond obligors. The beneficiary . CBP is the beneficiary on all the bonds it authorizes.
160 TYPES OF SURETY (CUSTOMS) BONDS In Canada the Customs Broker is the party that holds the Customs Bond. In the United States, the importer posts bond. There are two types of Surety Bonds for Customs Consumption Entries: 1. Single Entry Bond for an Importer or Broker When completed for single transactions, the bond covers only one import entry. 2. Continuous Bond for an Importer or Broker Continuous bonds will normally cover all import transactions at every U.S. Port.
You've reached the end of your free preview.
Want to read all 10 pages?
- Summer '20
- International Trade, Customs Bond, US SPECIALTY BONDS