|
Revised Reconciliation Bond Rider SOP
(10/1/1998)The ACS Reconciliation Prototype was announced in the February 6, 1998 Federal Register notice (63 FR 6257). Entry summaries flagged for reconciliation will require a continuous bond, which must be accompanied by a rider. The bond rider language was amended via a Federal Register notice ( 63 FR 44303) of August 6, 1998. The rider shall read as follows: By this rider to the CBP Form 301 No.___________, executed on ___________, by ___________ as principal(s), importer no(s). ___________, and ___________, as surety, code no. ___________, which is effective on ____________, the principal(s) and surety agree that this bond covers all Reconciliations pursuant to 19 U.S.C. § 1484(b) that are elected on any entries secured by this bond, and that all conditions set out in Section 113.62, Customs Regulations, are applicable thereto. The principal(s) and surety also agree that, when an Aggregate Reconciliation under this rider lists entries occurring in more than one bond period, any liabilities to CBP reflected in that Aggregate Reconciliation shall be attributable (up to the full available bond amount) to any or all of those bond periods. The continuous bond obligated on the underlying entries, along with the rider, will be used to cover the Reconciliation. All underlying entries subject to one Reconciliation must be covered by one surety and one continuous bond. Two sureties cannot cover the same Reconciliation. Termination of the continuous bond, either by the bond principal or surety will result in the closing of the Reconciliation to the addition of further underlying entries. The surety and all co-principals covered by the continuous bond must sign the rider. |
|
| | |
|