CBP's New 301 Bond Form Must be Used on Jan 1
This is a reminder that for continuous and single transaction bonds presented to U.S. Customs and Border Protection on or after January 1, 2012, only the new CBP Form 301 (with additional activity codes) and the new CBP Form 301A (addendum) with an expiration date of 03/31/2014 will be accepted. CBP will no longer accept the old 301 forms with an expiration date of 12/31/2010.
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Changes Contained in New CBP Form 301
Changes in Section II of the new CBP Form 301 (Customs bond) include the listing of the following activity codes:
- Airport security bond (code 11)
- International Trade Commission (ITC) exclusion bond (code 12)
- In-Bond Export Consolidator Bond (code 14)
- Intellectual Property Rights (IPR) (code 15)
- Importer Security Filing (ISF) (code 16)
- Marine Terminal Operator -continuous bond only- (code 17)
Other changes are contained in Sections II and III of CBP Form 301 such as (partial list):
- Space for the broker filer code and surety reference number is provided at the top of the form.
- The form identifies Activity Codes 2 (Custodian of bonded merchandise), 3a (IIT), 4 (FTZ), and 17 (MTO) as “continuous bond only” activity codes. (“STB only” would continue to be noted for activity codes 6-10.)
- Activity Code 4 would be described as “foreign trade zone,” rather than the current “foreign trade zone operator.”
- The “complete name” of all trade names or unincorporated divisions that will be permitted to obligate the bond needs to be listed.
- The physical address (as opposed to just the address) of the principal is required. In addition, instead of providing for a second “principal”, a second entity is called a “co-principal”. The physical address of this second co-principal and the surety (and any co-surety) are also required.
- Instead of requiring the seals of the principal(s) and surety(s) to be imprinted on the form, the form would have a check box to indicate that these entities have a seal in accordance with regulations.
(Note that the new CBP Form 301A (Addendum to form 301) is used when there are more than two co-principals.)
(See ITT’s Online Archives or 05/12/11 news, 11051213, for BP summary that highlights a number of the draft changes to the 301 form, some of which were not made final.)
CSMS #11-000183 announcing new CBP Forms 301 and 301A is available here.
New CBP Form 301 (Customs Bond) available here
New CBP Form 301A (Addendum to CBP Form 301) available here