Bond Coverage, Required Forms
BOND COVERAGE REQUIERED FOR ISF 10+2 EFFECTIVE JANUARY 26, 2010
If you currently have a Customs Continuous Bond on file, that is great! You have no further worries. If you do not, it is in your best interest to apply for one now.
Customs is requiring that all single transaction bonds be made for the value + duties (which is how it has always been up until now) but now with ISF, we will need to add an additional $10,000 to your bond coverage amount, which intern increases your cost to purchase a single transaction bond. If you do not currently have a continuous bond, call our office today. Don’t wait. For more information, see the federal register (74 FR 68377) dated 12/24/09.
ISF 10+2 Update
With the January 26, 2010 deadline looming in the next few days, many importers are now scrambling to determine how they will begin to comply with the impending 10+2 ruling. Not only will you be subject to monetary penalties, but your chances of being examined once your cargo arrives into the US port increase. Do not procrastinate any longer; contact your suppliers/shippers immediately. CBP has already stated that there will be no delays for commencing their enforcement of the ISF or 10+2 regulations. This is the form that we require to be submitted to us no later than 72 working hours prior to containers being laden onboard.