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CBP Reviewing Info Collections on Import Bonds, Temporary Exports

Wednesday, February 08, 2017
Sandler, Travis & Rosenberg Trade Report

U.S. Customs and Border Protection is accepting comments through April 10 on the proposed extension without change of the following information collections.

- CBP Forms 301 and 5297, Importation Bond Structure: Bonds are used to assure that duties, taxes, charges, penalties, and reimbursable expenses owed to the government are paid; to facilitate the movement of cargo and conveyances through CBP processing; and to provide legal recourse for the government for noncompliance with laws and regulations. Each person who is required by law or regulation to post a bond to secure a customs transaction must submit the bond on CBP Form 301.

Surety bonds are usually executed by an agent of the surety, which grants authority to the agent via CBP Form 5297, Corporate Surety Power of Attorney. This power is vested with CBP so that when a bond is filed the validity of the authority of the agent executing the bond and the name of the surety can be verified.

- Declaration of Ultimate Consignee that Articles were Exported for Temporary Scientific or Educational Purposes: This form, which is completed by the ultimate consignee and submitted to CBP by the importer or agent of the importer, is used to document duty-free entry under conditions when articles are temporarily exported solely for scientific or educational purposes.

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