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Security Bond

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Steve1960
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Security Bond

Postby Steve1960 » Wed, 25 Sep 2013 4:02 pm

I am almost at the point of collecting our new maid from the agency.

Today the agency sent me document WPCM013 for signature. This is the MoM document for the security bond and confirms I am going to deposit 5,000 SGD.

I queried this with the agency and they said the insurance policy I am buying does cover the bond but I still have to sign the document.

Doesn't seem quite right to me. How can I sign something that says I am depositing 5,000 SGD when I am not.

Anyone with experience?

PNGMK
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Postby PNGMK » Wed, 25 Sep 2013 4:39 pm

Usually agents do insurce the bond... what you've done is signed over the insurance payment for the bond (i.e. if there is a claim MOM will claim it from you and you claim it from the insurer). A promissory note so to speak.

Steve1960
Editor
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Posts: 1106
Joined: Mon, 13 Aug 2012
Location: Singapore

Postby Steve1960 » Wed, 25 Sep 2013 7:44 pm

Great thank you


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