H&C Metals, in an effort to build on the success of its scrap metal import business and attract new import suppliers, recently purchased a U.S. Customs Continuous Bond.
A Continuous Customs Surety Bond guarantees that all customs duties and penalties assessed and charged by U.S. Customs will be paid by the Importer. A Customs import bond is a financial guarantee between the Insurance/Surety company issuing the Customs bond, Importer of Record and Customs & Border Protection (CBP). CBP requires all importers to file an Import Bond in order to clear their entries, even if the goods are duty free. The Import Bond guarantees CBP. A continuous import bond is good at any U.S. port and can be used by any Customs Broker or Freight Forwarder to clear entries.
Benefits of the Bond include:
- Expedited U.S. Customs processing results in faster payments to H&C Customers: With a Continuous Customs Surety Bond on file, H&C’s Customs Broker can submit the entry to US Customs prior to ocean vessel arriving at US port of entry by utilizing the arrival notice. With a Continuous Bond, our customs clearance can be automatically processed by US Customs computer system where as every single transaction submission must be released by an actual customs officer. This results in H&C receiving and unloading the container sooner and its customers being paid faster
- Sustainability: Once bond is approved and on file with customs, all entries will be transmitted paperless, alleviating need to mail original documents to customs office for review and wait for them to mail back the release for pick up.