The CBP (U.S. Customs) bond limits refer to the maximum amount that a Customs bond will cover in the event that an import business fails to pay customs duties, taxes, and fees that are due on imported goods. The bond limits are set by the U.S. Customs and Border Protection (CBP) agency, which is a division of the Department of Homeland Security.
The bond limits for a Customs bond are typically based on the value of the imported goods and the estimated customs duties, taxes, and fees that will be due. The bond limits may vary depending on the specific terms of the bond and the nature of the imported goods. For example, a bond may have different limits for different types of goods, such as consumer goods, raw materials, or hazardous materials.
In general, the bond limits for a Customs bond are intended to ensure that the bond is properly funded and that the import business has the financial resources to meet its obligations to the U.S. government. If the value of the imported goods or the amount of customs duties, taxes, and fees due exceeds the bond limits, the import business may need to obtain additional bond coverage or make other arrangements to ensure that the bond is properly funded.