October 2023 — Question 23
Calendar above provided for reference. What is the effective date of the termination of a bond under the following circumstances? On August 29, 2023 a broker, as the principal on its bond, emailed a written letter signed by the broker and dated August 28, 2023, to CBP’s Revenue Division requesting that its bond with its surety be terminated. The broker did not include a termination date in its written request. CBP received the email request and letter on August 29, 2023.
- AAugust 28, 2023
- BAugust 29, 2023
- CSeptember 8, 2023
- DSeptember 13, 2023 Category IV – Anti-Dumping / Countervailing Duty and the Enforce and Protect Act of 2015 (EAPA)✓ CBP's answer
Why this answer
Under the cited bond-termination rule, a principal may terminate its bond by written request, and if the request names no termination date, the termination takes effect on the tenth business day following the date CBP receives the request. CBP received this request on Tuesday, August 29, 2023. Counting business days forward, and skipping the intervening weekends plus the Labor Day holiday on Monday, September 4, the tenth business day is September 13, 2023, the keyed answer. September 8 is the classic wrong turn, produced by counting ten calendar days instead of ten business days; the date the letter was signed or dated has no independent effect on the calculation. Watch for: Counting ten calendar days instead of ten business days, or overlooking the Labor Day holiday.
Original CBLE Simulator explanation — the question and key above are CBP's; this analysis is ours. Verify against the current edition before relying on it in practice.
CBP's cited authority
Answer and citations as published in CBP's official answer key for the October 2023 examination.
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