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3.1 |
PEI’s
Undertaking to have FPS:
The PEI hereby confirms and undertakes to the Student that it
has in place a Fee Protection Scheme as stipulated by the
Council for Private Education (CPE) (the “FPS”)
by way of an escrow account / insurance facility*.
PEI-appointed FPS
provider : DBS Bank
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3.2 |
The PEI hereby
undertakes to the Student that as stipulated under the FPS, the
PEI shall collect fees in equal instalment amounts from
the Student with each collection not exceeding the collection
cap calculated according to the following formula*:
-
EduTrust-certified PEI (12-month)
X/Z x 12 = ( -
)
-
Non-EduTrust-certified PEI (6-month)
Y/Z x 6 = (__$2,316.00___)
(PEI is a member of
the industry-wide course fee protection scheme under Enhanced
Registration Framework)
-
Non-EduTrust-certified PEI (2-month)
Y/Z x 2 = (
- )
(PEI is not
a member of the industry-wide course fee protection scheme under
Enhanced Registration Framework and has not put in place the FPS
in the form of an escrow account or insurance facility)
where X is the total amount of the payable Course Fees set out
in Schedule 2.1;
Y is the course fees under the Enhanced Registration
Framework; and
Z is the total duration of Course (in months) as stipulated in
Clause 1.4.
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3.3* |
[Where FPS is in
the form of escrow account]:
A copy of the master escrow agreement between CPE, DBS Bank Ltd,
The HongKong and Shanghai Banking Corporation Limited and
Standard Chartered Bank (the “Master Escrow Agreement”)
and acceded to by the PEI on [24/05/07] is available at the
PEI’s website at [esdaa.edu.sg]. The Master Escrow Agreement
sets out, among other things, the details upon which the PEI
shall establish an escrow account with DBS Bank Ltd/HongKong and
Shanghai Banking Corporation Limited/ Standard Chartered Bank*
(the “Escrow Account” with the “Escrow
Bank”) for the purposes of receiving payment of the
Student’s Fees and the circumstances in which the amounts in the
Escrow Account shall be payable to the PEI and/or the Student.
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[The Student
acknowledges that he/she has read and has understood the terms
of the Master Escrow Agreement and hereby agrees to the terms
and conditions therein.]
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The PEI and the
Student hereby agree that:
- The Student
shall execute a student escrow confirmation in a form
acceptable to the Escrow Bank (the “Student Escrow
Confirmation”) within [7] working
days of the date of this Agreement and deliver a copy of the
same to the Escrow Bank within three (3) working days of it
being so executed; and
- The Student
shall pay the Course Fees directly into the Escrow Account
on or before the dates specified in Schedule 2.1.
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3.4* |
[Where FPS is in
the form of Insurance facility]:
A copy of the master insurance agreement between CPE, HongKong
and Shanghai Banking Corporation Insurance and Lonpac Insurance
Bhd (the “Master Insurance Agreement”) and
acceded to by the PEI for the purpose of insuring, among other
things, the Student is available on the PEI’s website at
[esdaa.edu.sg]. The Master Insurance Agreement sets out, among
other things, the events under which HongKong and Shanghai
Banking Corporation Insurance/Lonpac Insurance Bhd* shall
indemnify the Student for Fees paid to the PEI.
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[The Student
acknowledges that he/she has read and has understood the terms
of the Master Insurance Agreement and hereby agrees to the terms
and conditions therein].
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The PEI hereby
undertakes that:
- The cover under
the Master Insurance Agreement shall be extended to the
Student;
- The Student
receives the certificate of insurance on the same day the
Student pays the fee; and
- The insured
period should commence from the fee payment date to at least
the next payment date.
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