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Already have a Continuous Customs Bond? Add a Recon Bond Rider! Recon Riders make it possible to file Customs entries before you have all the required information, making filing faster & easier while increasing accuracy!
Reconciliation Bond Riders, or Recon Riders, are an exciting provision of the US Customs and Border Protection’s (CBP) ACE program. Recon Riders allow you to estimate or omit key information at the time of import. Then, when you have collected the missing information (such as the final valuation, HTS designations, FTA qualification, etc.), you can reconcile the Customs declaration with actual data.
Recon Rider Benefits:
Best of all, we handle the whole process for you! DB Schenker Trade Solutions professionals work quickly and accurately to guide you through the Custom process. And we can help you acquire and maintain both the rider and Continuous Customs Bond, which is required to have a Recon Rider (Read more about Continuous Customs Bonds).
Get the most out of your Continuous Customs Bond.
Request a Recon Rider quote today!
How do Reconciliation Bond Riders Work?
Importers obtain a Reconciliation Bond Rider and have it added to their Continuous Customs Bond. They then decide which shipments the rider will be used for. Specific shipments can be flagged, or the rider can be set up to cover shipments over a specified time period. When a shipment arrives at the port of entry, the importer works with their broker to flag specific values and fields that are unknown, or estimated for future reconciliation. Once final information is available, it’s electronically filed with the CBP and the entry is adjusted. At that point duties are recalculated, and the difference is either paid or refunded via check or electronic deposit (ACH).
Typically, an importer is set up with periodic monthly statements, allowing them to make consolidated payments. The importer is also able to view statements as they are compiled, giving them time to plan their payments.
What Information Frequently Requires Reconciliation?
Why Might Reconciling Dutiable Value be Needed?
Frequently, the value of a shipment has to be estimated; since it is subject to several factors. This may prevent it from being accurately calculated at the time of entry. Besides the price actually paid for the merchandise that is being imported, the value may be affected by:
How Much Time Do Importers Have to Reconcile?
Participants have up to 21 months to file the recon, counting from the flagged entry summary date. An exception to this is for FTA claims (NAFTA, etc.), which have a limit of 12 months from the entry summary date.
Importers can request ACE summary reports of flagged entries from CBP; they can also get entry data from their broker. Failure to file the reconciliation on time will result in liquidated damages assessment.