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Importer or Broker Bond
The importer or broker bond is also referred as the
custom bond. A custom bond is a bond where the importer
is required to take a bond with the customs. The importer
is required to obtain a bond with the custom authority
before the goods are entered in to the dock. When the
goods have been imported by the importer, he has to
pay the custom duties. This bond enables the importer
to pay off the custom duties. This bond is implemented
to have compliance with the federal government. This
bond guarantees payment of custom duties. This custom
activity will be maintained by the custom brokers. Each
licensed firm should have a licensed custom broker.
These brokers will act as an agent between the shipper,
the consignee, customs and the government. The broker
has to see to that the importer maintain his record
with reference to the state and federal government law.
The importer can apply any of the two types of the custom
bond. One is single transaction custom bond and other
is continuous bond. This bond regulates the activities
of the importer who is legally liable for payment of
duties, taxes & fees and compliance with customs
and other government agency regulations pertaining to
their imports. The purpose of this bond is to create
a uniform payment of import duty with regards to the
goods imported.
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