The transportation sector is highly regulated by the Federal Maritime Commission in the United States. Public carriers that do not manage ships (NVOCCs) and international forwarding agents (IFF) must obtain an NVOCC license or OTI bond to operate in the United States.
Under the Shipping Act of 1984, FMC has made it mandatory for IFFs to acquire OTI bonds to import and export goods through US ports. It is a contract that ensures that shippers and carriers comply with and comply with all regulations and rules. In addition to OTI bonds, OFFs should not forget the customs bond because CBP agents oblige them to guarantee the safety of the United States Treasury.
What are OTI bonds?
International airlines must provide acceptable proof of their loyalty and financial liability in the form of OTI bonds CA. If they want to sell their products, they must have the necessary guarantees and documentation. If the transaction is linked to one maritime intermediary, the FMC-48 form must be submitted and, in the case of the OTIs group, another FMC 69 form must be completed.
How do you get OTI Bonds?
Just like the “continuing import bond', all three parties are involved: the principal (obtainer), the obligation (FMC) and the insurance company involved in OTI Bonds SC. OTI bonds can be obtained by contacting authorized brokers or insurance companies who have experience with this niche.
The price calculation is not that complex compared to other forms of customs bonds. You can understand it based on certain points.
• OFFs based in the United States. They must receive a $ 50,000 bond
• NVOCCs with and without license based in the United States. They must present a $ 75,000 bond
• And unauthorized NVOCCs must provide proof of financial responsibility with a $ 150,000 bond.
However, the director does not have to send a total amount; he only has to pay a small percentage of the total bond charges. The debtor would be responsible for requesting any compensation from the bonded OTI and the associated guarantee in the event that it does not respect the rules and is unfair at any time.
It is essential to hire an accredited agency to do the work in the shortest possible time with maximum competition. The professional agent helps you manage various OTI bonds and your network keeps you informed of changes to the rules and information.
