If you have ever imported into the United States without a continuous bond, you know what a pain it can be. You have to physically take your entry package to customs, give them time to process the request, and then wait for them to release the goods to you. If your business relies on international shipping, we probably don’t have to tell you what a waste of time and money this can be. Not only do you have to hold up your supply chain and wait for CBP to approve your shipment, but you could lose customers if you’re spending all your time at customs and not getting the products to your end user.
The Continuous Bond Solution
Continuous bonds are an option for importers who bring goods into the United States on a regular basis. How do you decide if you are enough of a “regular importer” to warrant getting this type of bond? We generally think of it this way: an annual bond is around $500 a year with a $50,000 minimum for liability. How much money would this save you? For a lot of our customers, making this initial investment pays for itself within three to four shipments. After that, you get all of the convenience of a bond with no extra cost!
Why Should You Have a Continuous Bond?
A continuous bond is one of many US customs bond types. In its most basic sense, a bond is a financial guarantee that is commonly used in international trade. A continuous bond gets its name from the fact that it will automatically renew if it isn’t cancelled. In a practical sense, many shippers choose to purchase a customs bond because it can really streamline the customs process. It allows for a much quicker turnaround time because you can get a paperless release minutes after submitting your goods to customs. This means that you can rush your imports through CBP and get on with the next leg of your supply chain that much faster.
Good To Know
You do have the option of purchasing single bonds as well, which are not automatically renewable and work for a single entry into the U.S. But if you ship enough that a once-yearly, $500 fee is a good investment, continuous bonds are the way to go.
What We Do?
Like so much that has to do with processing and paperwork, securing a continuous bond isn’t exactly a walk in the park. You need to work with a trusted partner to make sure you file all the documentation correctly, include all the right information, and pay on time. We will:
The ShipLilly brokerage team is full of paperwork wizards who know exactly what they are doing. Don’t get bogged down in a mess of confusing documentation that could set you back if filled out incorrectly. Call us today to get started.
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