Collapse to view only § 113.1 - Authority to require security or execution of bond.
- § 113.1 - Authority to require security or execution of bond.
- § 113.2 - Powers of Commissioner of CBP relating to bonds.
- § 113.3 - Liability of surety on a terminated bond.
- § 113.4 - Bonds and carnets.
§ 113.1 - Authority to require security or execution of bond.
Where a bond or other security is not specifically required by law or regulation, the Commissioner of CBP may by specific instruction require, or authorize the Director, Revenue Division or the port director to require, such bonds or other security considered necessary for the protection of the revenue or to assure compliance with any pertinent law, regulation, or instruction.
§ 113.2 - Powers of Commissioner of CBP relating to bonds.
Whenever a bond is required or authorized by law, regulation, or instruction, the Commissioner of CBP may:
(a) Prescribe the conditions and form of the bond and fix the amount of penalty, whether for the payment of liquidated damages, or of a penal sum, except as otherwise specifically provided by law.
(b) Provide for the approval of the sureties on the bond, without regard to any general provision of law.
(c) Authorize the execution of a term bond, the conditions of which will extend to and cover similar cases of importations over a period of time, not to exceed one year or such longer period as he may fix, when in his opinion special circumstances warrant a longer period.
(d) Authorize the taking of a consolidated bond (single transaction or term) in lieu of separate bonds to assure compliance with two or more provisions of law, regulation, or instruction. Such a consolidated bond will have the same force and effect as the separate bonds in lieu of which it was taken. The Commissioner of CBP may fix the penalty for violation of a consolidated bond without regard to any other provision of law, regulation, or instruction.
§ 113.3 - Liability of surety on a terminated bond.
The surety, as well as the principal, remains liable on a terminated bond for obligations incurred prior to termination.
§ 113.4 - Bonds and carnets.
(a) Bonds. All bonds required to be given under the customs laws or CBP regulations will be known as CBP bonds.
(b) Carnets. A carnet is an international customs document which serves simultaneously as a customs entry document and as a customs bond. Therefore, carnets, provided for in part 114 of this chapter, are ordinarily acceptable without posting further security under the customs laws or CBP regulations requiring bonds.