BOND
DESK USA PROGRAM - US CUSTOMS BOND
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US
Customs Bonds |
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In December 2002, US Customs enacted the 24 Hour Rule.
This rule requires NVOCCs to transmit certain required
shipping information through the Sea AMS system to the
US Customs 24 hours prior to the goods being laden on
board an ocean vessel destined for the US. In order to
comply with this rule, NVOCCs have 2 options:
1. They can provide the required shipping information
to the carrier and have the carrier transmit this information
to the US Customs via the carrierˇ¦s Sea AMS system
2. They can either build their own Sea AMS system or sign
up through a 3rd Party Service Provider to report directly
to US Customs
If the NVOCC decides to use their own Sea AMS System or
subscribe to a 3rd Party Service Provider to transmit
this information, they are required by US Customs to post
a Customs bond, the International Carrier Bond (ICB or
Activity Code 3 Bond) with a minimum bond amount of US
$50,000.
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Application Procedures
for the ICB:
1. A completed and signed Application Form
2. Current audited financial statements including balance sheet,
profit/loss statement, and annual report (if applicable)
3. Copy of the applicantˇ¦s business registration certificate
Other required information:
• Standard Carrier Alpha Code (SCAC) Code - this code
is needed for input into the Sea AMS system. If you do not already
have one, you can apply for one by completing SCAC
Application Form
• Importer Number / Tax ID Number ˇV As a foreign NVOCC,
you may not have a US Tax ID Number. In this case, you must
apply for an Importer Number by completing the Form
5106 and sending the application to one of the US Customs
office
• If the financial statements are not acceptable, the
surety may require full collateral in the form of an L/C. The
L/C must be in the exact wording provided the surety company.
For further information, please contact Danny H Yao at dyao@riskmgtgroup.com
or bonds@riskmgtgroup.com
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