U.S. Customs Activity Code 2 Custodian of Bonded Merchandise Bond
What Is an Activity Code 2 Custodian of Bonded Merchandise Bond?
The Activity Code 2 Custodian of Bonded Merchandise Customs Bond is a type of bond that covers the custodial activities bonded merchandise warehouses, container stations, cartman and carriers. When merchandise has not been entered into United States commerce and duties are due, Custodians are responsible for their activities with the merchandise. This merchandise is commonly referred to being "in-bond." The minimum bond amount for the Activity Code 3 Custodian of Bonded Merchandise Customs Bond is $50,000 and is set by the District Director of Customs.
A customs bond's most common function is to allow an importer to take prompt possession of its imported goods without having to wait for all of the Customs & Border Protection regulations and formalities.
Another typical usage of a customs bond allows a carrier to transfer goods that are bonded from one place to another, even if those goods are not yet processed through with duties paid.
Who Needs A Customs Bond?
Every party that imports products into the U.S. for commercial reasons, or that transports or carries imported goods through the U.S., must have a customs bond in place.
The parties who need to get a customs bond can be importers of goods, transporters of goods, brokers, foreign trade zone operators, bonded warehouse proprietors, or other parties that engage in business with the U.S. Customs & Border Protection.
The beneficiary of the import bond is always the U.S. Customs & Border Protection.
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Novus Bonds offers an U.S. Customs Activity Code 2 Custodian of Bonded Merchandise Bond with a 99% approval rate.
Note: The Customs Bond only covers U.S .Customs duties and taxes as well as ISF penalties. It does not protect the value of the imported cargo.
Due to the high risk of loss in the importing industry, the application for a Customs Bond requires more information than for other bonds. Keep in mind that, when applying for the first time or when processing a yearly renewal, it is wise to begin as soon as possible. Failure to obtain a new bond or renew an existing bond on time can result in fines and/or lost business.
There is some additional information required on customs apps. Please note that we will also need you SCAC code, the effective date of your bond, a copy of the $50 check written to U.S. Customs along with a copy of the approval letter from U.S. Customs issued to you.
1. Our applications are all that's usually needed to get you a price.
2. Occasionally, more information is needed. If so, we will contact you within 24 hours.
3. If you have credit issues, approvals might need an additional day.
4. We never require an application fee. All quotes are 100% free.