Customs continuous bond application/indemnity - Surety Bond 2025

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The document is a Customs Continuous Bond Application/Indemnity form, which collects essential information from the applicant, including bond amount, importer details, business history, and payment history. It requires certification of the accuracy of the provided information and includes sections for signatures from corporate, individual, or partnership applicants.

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How long does a continuous bond last?

A continuous bond self-renews at the one year mark beginning a new 12 month bond term, unless it is terminated by an authorized party. The date of self-renewal is exactly one year after the effective date or the last renewal date.

What is a continuous surety bond?

There are many types of surety bonds, and each state has its own bonding requirements for different industries. However, there are three major types of surety bonds that you should know: license and permit bonds, construction and performance bonds, and court bonds.

What does it mean when you have a surety bond?

A surety bond is a promise to be liable for the debt, default, or failure of another. It is a three-party contract by which one party (the surety) guarantees the performance or obligations of a second party (the principal) to a third party (the obligee).

What is the indemnity agreement for surety bond?

A Continuous Surety Bond is a general term to describe a bond that remains in full force and effect until cancelled. Unlike Annual Surety bonds and Term Surety bonds, continuous surety bonds typically do not specify an end date on the bond form.

What is the purpose of a continuous bond?

The continuous, yearly customs bond is extremely ideal. The bond is used by US Customs to ensure duty payments are made and to ensure all imported goods comply with US requirements (health and safety regulations are two key areas of concern, for example).

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Is a customs bond the same as a surety bond?

A customs bond is a specific type of surety bond that is required of individuals who are importing merchandise into the United States. The purpose of the bond is to ensure that the importer pays all taxes, fees and duties in a timely manner.

Customs continuous bond application/indemnity - Surety Bond 2025

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How long does a continuous bond last?

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Is a customs bond the same as a surety bond?

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