A customs bond, also known as an import bond or surety bond, is a legal document that serves as a financial guarantee between the importer, customs authorities, and a third-party surety or insurance company. Its purpose is to ensure compliance with customs regulations and the payment of import duties, taxes, and fees. It provides assurance to customs authorities that they will receive the necessary financial obligations owed by the importer. It acts as a commitment from the surety or insurance company to cover the importer's financial obligations if they fail to meet their customs duties or other requirements. The customs bond is a crucial requirement for importers to facilitate the smooth clearance of goods through customs and enable the timely release of cargo.