Bonds

This page is accessed via Customs > Bonds.

Use this page to manage the bonds or guarantees you work with in GTM.

A bond or a guarantee functions as an insurance policy that the required duty and tax will be paid for an import. Customers tend to have one bond on file for each country they do business in, although sometimes separate bonds can be applied for each declaration. Bonds assigned to a declaration are referenced when passing information on to customs for filing purposes.

Header

Adding a Bond

1. Enter a unique identifier in the Bond ID field. You will use this ID when you refer to this bond on other pages.
2. Enter a bond number in the Bond Number field.
3. Select the domain in which this bond will be active from the Domain Name drop-down list.
4. Select the user-defined code category of the bond from the Category drop-down list.
5. Select the user-defined code type of the bond from the Type drop-down list. The options available are determined by the category you selected in the previous step.

6. Select the user-defined code value of the bond from the Code drop-down list. The options available are determined by the type you selected in the previous step.

7. Enter an amount in the Liability Limit field, and select the currency from the corresponding drop-down list.
8. If desired, select an additional code for the bond from the Additional Code drop-down list.
9. Select one of the following check boxes:

• • Extension: Select this check box to replace an existing bond with a new one that has a longer time limit. Using an extension reduces the amount of paperwork and data you have to submit during customs filing. The start and end dates of the extension will not overlap with the prior bond.
  • Supplemental: Select this check box to supplement an existing bond when the total value of the bond is increased. For example, Company A had a $50,000 bond but realized their imports average $100,000 per month. So instead of replacing the bond on file, the company takes out a second bond to supplement the first one. A supplement is valid for the same time period as an existing bond.

10. If this bond is an extension or supplement to another bond, enter the existing bond number in the Prior Bond Number field.
11. Enter the validity period of the bond in the Effective Date and Expiration Date fields.
12. Enter the date of execution of the bond in the Execution Date field.
13. If desired, enter additional information about the bond in the Description field.

Involved Parties

Use this section to add involved party information to the bond.

Adding an Involved Party

1. Select the Authorized User check box if the involved party has the appropriate authorization to use the bond. The Authorized User option is automatically selected in the Involved Party Qualifier drop-down list.
2. If the involved party is not an authorized user, select another qualifier from the Involved Party Qualifier drop-down list.
3. Enter a party in the Involved Party field.
4. Click Save.

Ports

Use this section to add information on ports to the bond.

Adding a Port

1. Select a qualifier from the Port Qualifier drop-down list.
2. Enter an ID in the Port field.
3. Click Save.

Remarks

Use this section to record remarks associated with the bond.

Adding a Remark

1. Select a remark qualifier from the Remark Qualifier ID drop-down list.
2. Enter your remarks in the Remark Text field.
3. Click Save.

Reference Numbers

Use this section to record reference numbers that apply to this bond.

Adding a Reference Number

1. Select a reference number qualifier from the Reference Number Qualifier ID drop-down list.
2. Enter the reference number in the Reference Number field.
3. Click Save.
4. Click Finished.