Undertaking Bond
Commercial Insurance
What is Undertaking Bond (MYE Bond)?
An undertaking bond is a financial guarantee by the sub-contractor to indemnify the main contractor for foreign workers related expenses incurred (e.g. food, temporary accommodation, foreign worker levy, salary, repatriation expenses back to home country, etc) should the sub-contractor goes into financial default.
The sub-contractor is required to put up an undertaking bond when being allocated “Man-Year Entitlement (MYE)” by the main contractor to employ work permit holders.
The primary purpose is to indemnify the main contractor against any financial liabilities to the sub-contractor’s workers following the latter’s financial default.
Documents Required:
- Company’s ACRA business profile
- Letter of Award from Main Contractor
- Bond Format required by Main Contractor
- Number Of MYE Allocated
- Bond Amount Per Worker (E.g. $2,000, $3,000 or $5,000, etc)
- Bond Duration
Other Services you may require:
We also provide the following services to address the other requirements in relation to the employment of foreign workers:
- MOM Security Bond
- Undertaking Bond (MYE Bond)
- Work Injury Compensation Insurance
- Foreign Worker Medical Insurance
For a quotation, contact us today at 6513 6983 or
email: client.service@allegiance.com.sg
