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New ADD/CVD
Bond Amount Guidelines
July 9, 2004
Amendment Modified
Customs modified and clarified the
bond amount guidelines for special categories of merchandise
subject to Antidumping Duties (ADD) and/or Countervailing
Duties (CVD).
The modified guidelines are a result
of recent ADD cases where there was a substantial increase
in the duty rate at final liquidation. This type of
substantially increased liability has resulted in a number
of importers being unable to meet their financial
obligations for antidumping duty at liquidation.
The setting of the bond amount is not
an arbitrary action but, follows the guidelines set forth in
Customs and Border Protection (CBP) Directive 99-3510-004,
the July 9, 2004 guidelines, and this
clarification. Included in this recent
modification are the following topics:
Designation of Special Categories and
Covered Cases
Continuous Bond Formulas for Special
Category Merchandise and Covered Cases
Notice, Timing, and Appeal Factors
for Specific Companies
Avalon’s Customs Surety program is
underwritten by our sister company, Lincoln General
Insurance Company. Lincoln is rated A- (Excellent) by A.M.
Best.
Avalon’s
Bond Merlin™ will assist you in managing your
bond program as well as meeting the new requirements of the
CBP and the National Finance Center (NFC).
For further information, please contact your
local Avalon office or Gale Lawton, Surety Manager at
Avalon’s corporate headquarters. Gale Lawton can be reached
at her direct line: 847-700-8070 or via email at
glawton@avalonrisk.com. To view a directory of Avalon’s
office locations, please visit our website at
www.avalonrisk.com.
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