Customs is a jurisdiction or an authority in a country, which is answerable for accumulating tariffs and for controlling the flow of goods, comprising of transports, animals, personal and uncertain items, into and out of country.
CBI Customs Bonds and Insurance introduces more varieties of Customs Bonds NJ to our customers, which are separated into different activity codes arranged to enclose particular conditions and types of goods found in international trade. Besides, some of the activity codes may be written as a single transaction bond or a continuous bond.
A Continuous Transaction Bonds NJ is a term that renews itself, that covers all customs transactions via any port of entry. A single transactions bond can be used only for one customs transactions and covers a specific import shipment.
Let’s Talk About OTI BONDS:
OTI Bonds: It is necessary to acquire an Ocean Transportation Intermediary (OTI) License from the FMC (Federal Maritime Commission) to having a Freight Forwarder or NVOCC license or to subject bills of lading in the United States. As a condition from licensure, license holders are officially required to show proof of financial authority in the form of cash deposit or an OTI Bonds SC.
Achieving a bond can be a hard process that needs a company or single proprietor to provide financial statements. For a new company or a startup, many times security of 50% or 100% of the bond value is also required. CBI INSURANCE SC offers to its customer a BondAssist program that does not need such financial collateral or security.
BondAssist Program: CBI Customs Bonds is the only contributors in NJ with a system in place for small company holders that allow them to avoid the need to provide collateral, financial or a letter of credit. Via transport and logistics cover, Customer can get their bonds through the BondAssist program that allows them to get OTI Bonds via a basic questionnaire.
Standard Application: CBI Customs Bonds offers its customers with standard OTI Bonds NY at reasonable price. We provides a less-obtrusive, well organized process and need only one year of financial statements as well as a bond application. We do not need any kind of personal financial for more than a year.
Contact now, to learn more about our products and services we offers. We are always dedicated to help you out with your businesses whether it is small or big.