Purchasing a Carnet bond is not just a good idea. Financially securing your Carnet is required by the United States national guaranteeing association. Luckily, the process can be completed when you apply for your Carnets online.
A bond is not the same as insurance. It covers the customs duties and taxes in the event that the Carnet holder is not able to uphold the terms of the Carnet. For example, if you were not able to re-export the goods you originally imported under the provisions of a Carnet, the bond you secured would pay the originally forgiven duties and import taxes. You can apply for a bond when you take care of your Carnets online. When you do this, have your tax information handy, as the surety company bonding you may need it for underwriting purposes.
The bond amount formula is: general list value multiplied by 0.4, divided by 1,000, then multiplied by 10. Road vehicles have a separate rule. In these cases, if a company is doing the exporting, the general list value is not reduced before being divided and multiplied by 10. If an individual is exporting a road vehicle, the general list value is multiplied by 1.5 instead of 0.4.
Securing a bond for Carnet freight is beneficial to all parties. It assures the national guaranteeing association that you will uphold your responsibilities as an importer exporter and provides you with a safety net for unforeseen circumstances.