What is a ISF Bond?: Are they required for my ISF Filing?
ISF Bonds are required for each ISF Filing by CBP as a measure to enforce and levy any fines and penalties which may be issued to the Importer of Record for any late or erroneous ISF Filings. ISF Bonds are non refundable financial instruments provided by a surety bond company to ensure CBP will be paid if the Importer defaults on any claims.
The relationship of a ISF Bond is between the Importer, Surety Company and CBP. The Importer is ultimately responsible to make sure all fines and penalties are paid if issued by CBP, if the Importer defaults, the surety company is obligated to make payment to CBP directly, and in turn the surety company will take legal action against the Importer to ensure all monetary amounts paid to CBP, they will be fully reimbursed.
ISF Bonds on the open market can range anywhere from $50-$100, or more charged by private brokers or bond companies and is used only for single shipment ISF Filings.
Here at ISF-FILING.COM, our ISF Filing Fee of $95 also includes the ISF Bond at time of filing. Feel free to contact or call us if you need help with your ISF Filing or any questions regarding this topic on ISF Bonds.