10+2: An unexpected bond.

BYLINE: RICK BRIDGES

The interim Importer Security Filing, better known as the 10+2 rule, has raised many concerns, but one that has received little attention is the requirement that the filings must be secured by a bond. This bond, just like an import bond, is a guarantee that the U.S. government will be paid the liquidated damages if the ISF filer cannot pay them. Liquidated damages - think of them as a fine - are set at $5,000 per violation for 10+2. As of late December, Customs and Border Protection had not issued any mitigation guidelines, although Customs has said they are being developed.

Under the rule, the importer must provide 10 pieces of information: the seller, buyer, importer of record …