October 2020 (PM) — Question 37
Which of the following is NOT an accurate statement regarding CBP bonds?
- AThe Port Director may require a CBP bond to ensure compliance with any pertinent law, regulation or instruction.
- BA surety cannot cancel future obligations on a bond without the consent of the principal.✓ CBP's answer
- CA carnet also serves as a form of CBP bond.
- DWhen establishing the amount required for a CBP bond, CBP may consider whether the principal has a prior record of timely payment of duties, taxes and charges.
- EGenerally, the signature of each party to a bond executed by a noncorporate principal or surety must be witnessed by two persons, who must sign their names as witnesses, and include their addresses. Category VII – Fines and Penalties
CBP's cited authority
§ 19 CFR § 113.27(b)
Answer and citations as published in CBP's official answer key for the October 2020 (PM) examination.
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