113.11—Bond approval.
Each person who is required by law, regulation, or specific instruction to post a bond to secure a Customs transaction or multiple transactions must submit the bond on Customs Form 301. If the transaction(s) will occur at one Customs port, the bond shall be filed with and approved by the director of that port where the transaction(s) will take place. If the transactions will occur in more than one port the bond may be filed with and approved by any port director. Only one continuous bond for a particular activity will be authorized for each principal. The port director will determine whether the bond is in proper form and provides adequate security for the transaction(s). A bond relating to repayment of an erroneous drawback payment containing the bond conditions set forth in § 113.65 shall be filed with the appropriate drawback office for approval.