CONTINUOUS BOND
Financial guarantee that rolls over annually until it is cancelled or terminated. Commonly used in international trade, it does not expire as long as the client makes payment for every renewal. In the United States, some insurance companies may sell continuous bonds under standardized terms set by the federal government. The Revenue Division of the U.S. Customs and Border Protection (CBP) approves submission of such bonds. Information on the bond and rider, if any, must include bond amount, principal name, importer name, importer number, and CBP-designated number.
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