Non-Fulfilment of Bond Obligations
1. What constitutes the non-fulfilment of bond obligations?
i. Failure to fulfil your bond obligation in a Singapore entity for a cumulative period of 6 years;
ii. Choosing to remain uncontactable despite reminders;
iii. Living / working overseas without seeking approval for bond deferment;
iv. Pursuing graduate studies without seeking approval for bond deferment;
v. Going for overseas employment / posting / attachment without seeking approval for bond deferment;
vi. Failure to complete bond deferment procedures (i.e. the placement of the required Banker's Guarantee and/or the signing of the Supplemental Agreement);
vii. Making any false declaration of employment;
viii. Using / producing false documents as proof of fulfilment of bond obligations;
ix. Failure to update your Bond Administrators of yours and/or your sureties' personal contact and employment details.
ii. Choosing to remain uncontactable despite reminders;
iii. Living / working overseas without seeking approval for bond deferment;
iv. Pursuing graduate studies without seeking approval for bond deferment;
v. Going for overseas employment / posting / attachment without seeking approval for bond deferment;
vi. Failure to complete bond deferment procedures (i.e. the placement of the required Banker's Guarantee and/or the signing of the Supplemental Agreement);
vii. Making any false declaration of employment;
viii. Using / producing false documents as proof of fulfilment of bond obligations;
ix. Failure to update your Bond Administrators of yours and/or your sureties' personal contact and employment details.
2. What are the consequences of such non-fulfilment?
Singapore takes a very serious view on a scholar's bond obligations - the status of all scholarship holders will be closely monitored. Action will be taken against all bond defaulters residing locally or overseas for non-fulfilment of scholarship bond obligations.
If you fail to fulfil your bond obligations, your scholarship will be terminated immediately.
You and your sureties shall be jointly and severally liable for the payment of the liquidated damages (LD) imposed, inclusive of interest compounded at the rate of 10% per annum, as well as any additional costs incurred in the process of debt recovery.
3. Who would be considered a bond defaulter?
Scholarship holders are contractually and morally obligated to fulfil your bond obligations. You would be considered a bond defaulter if you do not fulfil any of your bond obligations.