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Now that you have an understanding of the differences between Single Transaction Bonds and Continuous Customs Bonds from our previous video, lets discuss bond amounts and how to determine the correct amount for your company. Lets start at the beginning; what is Bond Amount? The bond amount is also known as the Penal Sum of the bond and it refers to the maximum monetary amount a surety bond provides in cases where the bond identity doesnt meet its contractual obligations towards someone else (known as the Obligee). In the case of a U.S. Customs Bond; the bond identity is the Importer of Record and the someone else/obligee is Customs and Border Protection. The penal sum of the bond is determined by the obligee and type of surety bond required. The first thing to consider is, will you be filing a Single Transaction Bond or a Continuous Customs Bond? When determining the size of a Single Transaction Bond for your company, the calculation is fairly simple. The bond must be no less th