{"id":11489,"date":"2017-03-16T17:03:38","date_gmt":"2017-03-16T09:03:38","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/allegiance.com.sg\/?page_id=11489"},"modified":"2025-09-09T11:00:45","modified_gmt":"2025-09-09T03:00:45","slug":"undertaking-bond","status":"publish","type":"page","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/allegiance.com.sg\/commercial-insurance\/insurance-bonds\/undertaking-bond\/","title":{"rendered":"Undertaking Bond"},"content":{"rendered":"
<\/div><\/div><\/div>

Undertaking Bond<\/h1>\n<\/div>

Commercial Insurance<\/h2>\n<\/div>

What is Undertaking Bond (MYE Bond)?<\/strong><\/p>\n

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.<\/p>\n

The sub-contractor is required to put up an undertaking bond when being allocated \u201cMan-Year Entitlement (MYE)\u201d by the main contractor to employ work permit holders.<\/p>\n

The primary purpose is to indemnify the main contractor against any financial liabilities to the sub-contractor\u2019s workers following the latter\u2019s financial default.<\/p>\n

Documents Required:<\/strong><\/p>\n