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UPDATED: 5/7/05
 

New Guidelines for setting Bond Amounts (2/12/01)

We have been advised that U.S. Customs will be implementing new guidelines for establishing the amounts of U.S. Customs bonds.

As of the writing of this letter, Customs is expected to revise the minimum continuous bond. This will affect all Importer/Broker (Activity 1), Custodial (Activity 2), International Carrier (Activity 3), Instruments of International Traffic (Activity 3A), Foreign Trade Zone (Activity 4) and Public Gauger (Activity 5) Bonds.

Further, in addition to raising Importer/Broker bonds from $50,000.00 to $100,000.00, Customs has also proposed amending the bond guidelines to require importers file bonds in amounts no less than 2% of the value of merchandise imported on a yearly basis rather than the current formula of 10% of yearly duty paid. This may require many importers to increase their current bonds.

Please note, while these are proposed guidelines and have not yet been finalized, we have been assured by U.S. Customs the changes are imminent. Upon publishing of the final guidelines, Customs is expected to require the affected bonds be replaced upon renewal beginning (60) days after the publication date. Once we are notified of the final guidelines and implementation procedures we will notify you of what steps that must be taken to replace those bonds affected by the new guidelines.

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