What Happens When You Renew Your Continuous Bond
Customs bonds are extremely important items for importers to have. Without one, Customs and Border Protection (CBP) may refuse your import. If you're obtaining a customs bond for the first time, then you might not be aware that when it expires you don't necessarily have to obtain a new one. If your customs bond is going to expire soon you won't have to worry about renewing it. Continuous customs bonds will renew on their own. After the bond renews, you have to make a payment to the surety company. Surety companies will send reminders about payments months in advance. Bonds can also be canceled at any time. In our guide below, we will cover in-depth details about customs bonds and their renewal process. Table Of Contents Fortunately, customs bonds can be renewed after they're used. However, it depends entirely on what type of customs bond you have. There are two main customs bonds that importers use. The first bond is the single transaction bond which does not renew on its own. As the name implies, this customs bond is only good for one transaction. Once a transaction has been made with this bond it no longer has any use. A continuous bond, however, does renew on its own. The continuous bond covers any number of imports that you make for one year. Many importers think that continuous bonds have the name because they allow importers to make multiple imports. However, the real reason they're called continuous bonds is that they don't expire. After their anniversary, the continuous bond renews for another year. Technically the continuous bond is not renewed by the importer, surety company or the customs broker. Instead, the bond renews on its own. After the bond renews, importers are required to make a payment to the surety company that provided the bond. Want to make sure your commercial imports are prepared properly for Customs clearance? Check out our article Importing Depends on the U.S. Customs Bond Verification Process. Although a continuous customs bond is good for the entirety of a year, it doesn't have an official expiration date. The continuous bond will remain in effect until one of the involved parties terminates it or payments cease to be made. While many surety companies give out customs bonds that require an annual payment when the bond renews, other companies offer a multi-year payment plan. These multi-year payment plans are usually in increments of two, three and five years. Paying the premium after your bond renews is fairly similar to the way that you pay for the continuous bond. You will send payment to your customs broker who works with the surety company that issued the bond. At USA Customs Clearance, you can obtain a customs bond at an affordable price. Navigate to our customs bond page and with a few simple steps, you can obtain your continuous customs bond. We offer continuous customs bonds that will cover multiple imports for a total of 12 months. When the year anniversary of your customs bond is approaching, you will receive an invoice. The invoice is sent out by either the surety company or the customs broker that they work with. As an importer, you might be worried about remembering when your bond will be renewed. Thankfully, surety companies are adamant about getting paid on time. That is why they will send out the invoice reminding you of your payment months before the bond renews. A continuous bond will remain in effect as long as payments continue to be made on it unless the importer or another third party terminates the bond. If you have a continuous bond that you no longer need, then be sure to have it terminated immediately. If you want your continuous customs bond to be terminated, you can send a request to CBP. Surety companies and customs brokers can also request for the bond to be terminated. It takes CBP 10 business days to review and approve a bond termination request. If you choose to give a specific date as to when you want your bond terminated, be sure that the date you give considers this requirement. You should also note that once you submit a termination request, it cannot be retracted. Be sure of your decision to terminate your bond when you make the request. Surety companies can terminate your bond with or without your consent. However, they will have to give you notice that they're terminating your bond. You will need to get a customs bond under two different circumstances. Not sure how to get a customs bond? Check out our article Customs Bond Instructions for Importing. At USA Customs Clearance, we can help you obtain a continuous customs bond with just a few simple steps. Our customs bond page answers any further questions you might have on customs bonds. You can also start the process of obtaining your bond from this page. If you are in the process of importing but don't know the next step you should take, consider scheduling a consulting session located on our consulting page. A consulting session gives you the opportunity to speak with one of our Licensed Customs Brokers about your situation. They will be able to give you clarity on anything you're unsure of and get you back on track to import. For any other questions, you may have we encourage you to contact our tea. We offer continuous customs bonds that will cover multiple imports for a total of 12 months.
Can a Customs Bond Be Renewed?
How Long Do Customs Bonds Last?
How to Pay the Bond Premium After Renewal
Need To Obtain A Customs Bond?
Will I Be Notified When I Need to Make Payment for My Bond?
How to Cancel a Customs Bond?
When to Get a Customs Bond
Obtain a Continuous Customs Bond With USA Customs Clearance
Need To Obtain A Customs Bond?
Source: https://usacustomsclearance.com/process/customs-bond-renewal/
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