What is a Drawback Bond and how do you calculate the amount needed?
What is an Activity Code 1a - Drawback Payment Refunds Bond?
This bond allows an importer to obtain a refund of 99% of the duties paid on imported goods upon providing proof these goods were exported.
Bond Amount Calculation: Average of all estimated drawback claims in a 12 month period.
As with all Customs bonds, should your bond amount be inadequate according to Customs regulations, Customs will advise the importer and the surety company to increase the bond amount, and they will give a reasonable amount of time to do so.
TRG Underwriting Requirements: Fully complete bond application form, completed Power-of-attorney form, and most recent company financial statements.
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