A customs bond, also known as an import bond, is a legal document that certifies all import duties, taxes, and fees have been paid.
This formal agreement, which is necessary for importing items valued at more than $2,500 into the country, details and certifies that all import duties, taxes, and fees have been paid.
Another name for this is an import bond.
10% of annual customs charges and fees, determined on a rolling basis, must be covered by the continuous bond amount. For instance, a continuous bond of $50,000 would pay an importer’s annual customs charges and costs up to $500,000.
