Trade Risk Guaranty offers US Customs bonds, marine cargo insurance, and web-based software for the importation of goods into the United States. TRG provides educational webinars and simple videos to explain and help with the process of importing.
In the case of a continuous U.S. Customs Bond, the bond amount refers to the maximum compensation a surety bond provides in cases where the bonded entity doesn’t meet its contractual obligations. The bond premium is how much a surety charges in order to place a U.S. Customs Bond. To get a bond in place, the importer would need to pay the bond premium to the surety. The only way an importer would be required to pay the bond amount is if they have not met their obligations to Customs and that has resulted in the bond having to pay out. How much a bond cost to get in place varies from Surety to Surety and will typically depend on your importing practices. This is why we encourage importers to shop their bond to find the best provider for them.
Yes, the FDA oversees any product that is intended to interact with the human body. This includes (but is not limited to) anything that will be eaten, any lotions or makeup that will be applied to the skin, and even any container that these items will be stored in or interact with. The intention of curing a disease is not a deciding factor on if the FDA is involved. If it is food, the FDA oversees it.
We are a tax consultancy firm. We want to extend our business domain in importing business planned to import cardamom. But we don't understand where to begin. Will give us a guideline?
Calculation is wrong. General average loss Percentage is 27.027%. Simply divide 5m loss to voyage value 18.5m. Then give this percentage to vessel owner and cargo owner. Simple. Vessel owner 10m - 2702700 Cargo owner 2m - 1,351,350 Cargo owner 2m - 540,540 Cargo owner 1m - 270,270 Cargo owner 500K - 135,135 Total - 4,999,995
We are glad you found this video helpful! Since Antidumping and/Countervailing duties are not applied based on a specific HTSUS code, the only way of knowing if you are subject to them is to read the description of the antidumping/countervailing action, compare that to the product you are importing, and consult with your Customs Broker. If you think you are subject to the additional duties but are not sure, you can request a Scope Ruling directly from U.S. Customs. To search for products subject to antidumping/countervailing, CBP provides this search tool: access.trade.gov/ADCVD_Search.aspx
In this example, the 10K is correct. U.S. Customs Bonds round up to the nearest 10K until they reach the 100K point. At that point they would round up to the nearest 100K. So since the annual duties, taxes, and fees multiplied by 10% equals $82,664.35 in this example, the bond amount would round up to the nearest 10K, which would be 90K.
Hi there! If you are referring the word 'Guaranty' in our company name, it is spelled and used in the legal/financial way. Guaranty is a specific type of guarantee that is only used as a noun where it means a promise to pay money if another party does not. Thank you for watching!
how many of empty containers are parking at US all the harbors? Are they free to park at harbors? Any reasons why the ships are regular taking 18-21 days sailing but now 60-90 days.
It is nearly impossible to get a figure for the number of empty containers sitting at U.S. harbors. However, it does seem like the additional fee being charged to companies with containers sitting at the port of LA/Long Beach has help get that cargo moving. As for fees to park, that really depends on the specific port, but in general, usually a fee begins to accrue after a certain number of days. For your last question, we actually have a few webinars that have been exploring and attempting to make sense of the shipping delays and the longer shipping time. If you check our channel, the latest one was called "2021 Shipping Bottlenecks & It's Effect on the Economy".
Having a Customs Broker is still recommended since they are going to be able to help you file the paperwork associated with importing. However, you are able to self-file if that is something you prefer. Our sister company, Strix, provides self-filing software if that is something you are interested in exploring.
Hi 👋 I have a question. What is the effect and impact of global pandemic to foriegn trade environment ? In terms of Demographic, Economic, Technological, Political-Legal Factors, Sociocultural
A UPS customer is complaining about custom bond fee, UPS pay in advance to Custom and collecting 2.7% as a charge, Customer ask how they can pay there bond fee in advance to avoid bond fee?
Hi Allan, the best way to save money on your bond is to purchase a bond yourself and not through a Freight Forwarder like UPS. This will also give you more control over your bond and any claims that may arise. TRG provides U.S. Customs Bonds directly to importers for this exact reason. To help them save money, avoid additional fees, and provide support in the event that there is a claim. You can get a quote here: traderiskguaranty.com/customs-bonds/pricing/?#get-a-quote
If we order products that were being shipped overseas and one of these instances occurred, would the buyers of the individual products be held responsible? Or would the companies that are paying ships to ship goods be held responsible?
Since micro-captive insurance companies were placed on the IRS “Dirty Dozen” list of tax scams in 2014 and identified as a transaction of interest in 2016, the IRS has continued to expand its enforcement efforts of what it views as abusive micro-captive insurance arrangements. The IRS has been gathering information on taxpayers and instituted a new virtual currency compliance program in 2019. Here is an excerpt from one of their notices: “We have information that you have or had one or more accounts containing virtual currency but may not have properly reported your transactions involving virtual currency, which include cryptocurrency and non-crypto virtual currencies.” New IRS Notice 6174-A The IRS clearly sees noncompliance on virtual currency transactions as a threat to the tax system. As if the onslaught of recent losses in Tax Court was not enough, investors in syndicated conservation easements now have more to worry about. On August 25, 2020, the Senate Finance Committee released a bipartisan report condemning syndicated conservation easements as abusive and encouraging the IRS to take further action to ferret out such abuses. Lance Wallach has received hundreds of calls, 516-236-8440 to fight IRS and sue the promotors of easement, captive, and cryptocurrency plans. Google him and your advisor, who do YOU trust? wallachinc@gmail.com
In order to issue a U.S. Customs bond, an insurance company must be listed on the U.S. Treasury Department's website. Therefore an insurance agency must work directly with a U.S. Treasury listed surety to issue a U.S. Customs bond. It is important to work with a reputable agency that specializes in U.S. Customs bonds since they are a complex type of insurance product. Trade Risk Guaranty has provided U.S. Customs Bonds directly to importers since 1991. If you are interested in getting a quote or more information, check out our website and fill out the form to speak directly with a team member: traderiskguaranty.com/customs-bonds/pricing/?#get-a-quote
Just a correction (minute 1:03) the definition of GA should be amended to read "for" the purpose of preserving from peril. It makes all of the difference!
@@officialstoreboya2071 Trade Risk Guaranty has provided U.S. Customs Bonds directly to importers since 1991. If you are interested in getting a quote, check out our website and fill out the form to speak directly with a team member: traderiskguaranty.com/customs-bonds/pricing/?#get-a-quote
@@officialstoreboya2071 When you buy a U.S. Customs Bond, you are provided with a Bond Number via email. You would then use that number throughout your paperwork filed with U.S. Customs and Border Protection in order to import into the U.S. Having a valid U.S. Customs Bond in place is required by CBP in order to import. In order to place a U.S. Customs Bond, your business would already need a valid Tax ID number since this is a required component of doing business in the U.S.
This depends on who secured the cargo insurance policy for that shipment and who has the Insurable interest at the point of transit when the cargo was damaged. This has a lot t do with what Incoterm was used during the transaction. We have many other videos on our channel about Incoterms that may help clarify this point further. Thank you for watching!
