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TTB Bond for Drawback
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What Are TTB Drawback Bonds?
A TTB bond for drawback is a type of continuous surety bond used to cover the value of drawback claimed on distilled spirits in a quarter. This protects the Alcohol and Tobacco Tax and Trade Bureau (TTB) from financial harm if a manufacturer or exporter defaults on their payments.
How Much Do TTB Drawback Bonds Cost?
TTB bond amounts for drawback on distilled spirits are determined based on quarterly drawback value with a $1,000 minimum and a $200,000 maximum. Confirm your exact bond coverage requirement with the TTB before purchasing.
Your premium rate will be a small percentage, typically 1–10%, of the total coverage amount. For example, you could pay as low as $100 for a $10,000 TTB bond for drawback with excellent credit. Request a free quote now!
Who Needs a TTB Bond for Drawback?
Under the provisions of 26 U.S.C. 5131, entities that intend to file a claim for allowance of tax payment drawback on distilled spirits used for the production of nonbeverage products must file a surety bond. This bond is a federal permit requirement through the TTB.
How Do TTB Drawback Bonds Work?
A TTB bond for drawback creates a legal contract between three parties:
- Principal: The producer/exporter of nonbeverage products
- Obligee: The TTB
- Surety: The bond underwriting company
As the principal, you will file the bond with the TTB pledging to meet payment obligations. If you fail to do so, the TTB can file a claim on the bond for reimbursement. However, you are ultimately responsible for repaying the surety for any claims paid out.
How to Get a TTB Drawback Bond
SuretyBonds.com offers the fastest and easiest way to get TTB bonds for drawback online. Just follow these three steps:
- Start your online application
- Select if you need an original, strengthening or superseding bond
- Enter personal and company information
We’ll review your application to provide your free, personalized quote within one business day. Once you pay your online bond invoice and e-sign your indemnity agreement, we’ll mail the original bond documentation to you. Remember to sign and file the bond with the TTB upon receipt.
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