SURETIES & GUARANTEES
Undertaking Bond
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.
APPLICATION
01
Additional Information
Main Contractor must have a valid CPF account for construction work permit applications in the company's name.
Project must have a balance period of at least 1 month.
The Total Remaining Contract must be at least $500,000
Main contractor can combine projects to meet the minimum contract value requirement, provided each of the combined project has:
Remaining Value of less than $500,000.
A balance period of at least 1 month.
02
Enhanced Coverage
02
Documents Required
Letter of award from main contractor
Bond format required by main contractor
Number of MYW allocated
Bond amount per worker
Bond Duration
03
Applicable To
Construction and Process Sector Workers from Non-traditional source countries (NTC) and People's Republic of China (PRC).
NTS Countries:
India
Sri Lanka
Thailand
Bangladesh
Myanmar
Philippines
04
Case Study
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Why Choose AWG Insurance?
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A preferred partner to your insurance needs
AWG Insurance Brokers is a trusted, MAS-licensed broker in Singapore offering tailored insurance and risk management services. With over three decades of experience, we specialise in creating customised professional indemnity insurance that professionals and businesses can count on.
We’re more than just insurance providers; we are risk advisors. From identifying potential liabilities to selecting the right coverage structure, we work hand-in-hand with you to design a solution that matches your operational risks and regulatory requirements.
Our edge:
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In-depth understanding of multiple industries
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