ISF Bond Requirements
One of the common questions before the decision is made to file the ISF, is why do I need the ISF Bond? The ISF Bond is a requirement set forth by U.S. Customs in which each ISF filed must have a bond associated with the filing, in the event if a penalty is issued for late or erroneaous ISF Filing, U.S. Customs will be guaranteed they can collect on the fines issued if the importer defaults on the payment. In this case the penalty will be paid by the bond company, which the bond company can go after the importer if they fail to pay customs.
Are ISF Bonds refundable?
ISF Bonds are non refundable one time use financial guarantees for a single shipment ISF Filing. Even for shipments that are filed on time and compliant, the ISF Bond is still required.
How can I obtain the ISF Bond?
The ISF Bond is obtained by the same company who will be filing the ISF for your shipment. The ISF Bond and ISF Filing is done at the same time in order to get the ISF completed with the transaction number. Any ISF's filed which does not have an ISF Bond associated with the filing will get rejected by U.S. Customs.