A bond requirement by the main contractor upon allocation of “Man-Year Entitlement” (MYE) to its sub-contractors to employ work permit holders. This indemnifies the main contractor for expenses incurred relating to foreign workers (e.g. foreign worker levy, salary, etc) arising from financial default of the sub-contractors. MYE applies to construction and process sector workers from Non-Traditional Source Countries (NTS) + People’s Republic of China (PRC).
“Brokering your best Insurance Coverage from the rest.”
- Letter of Award from Main Contractor
- Bond Format Required by Main Contractor
- Number of MYE Allocated
- Bond Amount Per Worker
- Bond Duration