A customs bond is a mandatory agreement, demanded by U.S. Customs and Border Protection (CBP) for commercial imports valued at $2,500 or higher.
It serves as a financial guarantee between the importer (you), CBP, and the bond-issuing insurance company, assuring that import duties and fees are paid to CBP.
There are 2 main bond types:
Single Entry Bond - covers a single shipment at the cost of 0.5% of the cargo value, with a minimum of $50.
Continuous Bond (aka Annual Bond) - covers shipments for 12 months at the cost of $550 per year - this is recommended if you import goods valued over $110,000 annually.
To Summarize
Obtaining a customs bond is a legal requirement in the USA for any company that wishes to commercially import goods. Cubic can help you obtain a customs bond so you can import goods and stay compliant with tax and customs regulations.