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Customs calculates the sufficiency of a continuous bond based off of 10% of the fees paid to Customs in the past 365 days.
For a more detailed analysis of how Customs calculates bond sufficiency, please review the following CBP website: http://www.cbp.gov/linkhandler/cgov/trade/trade_programs/bonds/pilot_program/bond_form.ctt/bond_form.pdf
The value of the SEB for most entries is based on the value of the cargo plus all duties, taxes and fees. The exception is for entries with cargo regulated by agencies where failure to redeliver could pose a threat to the public health and safety. The agencies include but may not be limited to the following: FDA, EPA, BATF, CPSC, USDA, FCC, TOSCA. In these instances, the SEB will be for not less than three times the total entered value of the merchandise.
Customs does not issue multi-year bonds. The “multi-year” option is a convenience option for importers. The bond will automatically be renewed in the second and third year without annual reminders for renewal. GWL can offer a 2 year and 3 year bonds upon request.