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In this video tutorial, the focus is on understanding bond amounts for Single Transaction Bonds and Continuous Customs Bonds. The bond amount, or Penal Sum, is the maximum monetary value a surety bond can provide if it fails to meet its obligations to the Obligee, which, in the case of a U.S. Customs Bond, is Customs and Border Protection, with the Importer of Record being the bond identity. The amount is determined by the obligee and the type of bond. To calculate the size of a Single Transaction Bond, specific criteria must be considered to ensure the bond meets the required minimum.
