Cambridge Institute Undertaking to have SPS:
Cambridge Institute hereby confirms and undertakes to the Student that it has in place a Student Protection Scheme as stipulated by the Consumers Association of Singapore (CASE) (the "SPS") by way of a Student Tuition Fee Account (Escrow) pursuant to the terms and conditions of the CASE-LSL Agreement dated 15 December 2004 made between CASE and Cambridge Institute.
Where SPS is in the form of a Student Tuition Fee Account (Escrow):
A copy of the master escrow agreement dated 9 September 2004 between CASE, DBS Bank Ltd and The HongKong and Shanghai Banking Corporation Limited (the "Master Escrow Agreement") and acceded to by Cambridge Institute on 9 September 2004. The Master Escrow Agreement sets out, among other things, the details upon which Cambridge Institute shall establish an escrow account with DBS Bank Ltd/HongKong and Shanghai Banking Corporation Limited* (the "Escrow Account" with the "Escrow Bank") for the purposes of receiving payment of the Student's Tuition Fees and the circumstances in which the amounts in the Escrow Account shall be payable to Cambridge Institute and/or the Student.
[The Student acknowledges that he/she has read and has understood the terms of the Master Escrow Agreement.]
Cambridge Institute and the Student hereby agree that:
(i) The Student shall execute a student escrow confirmation in a form acceptable to the Escrow Bank (the "Student Escrow Confirmation") within seven [7] days of the date of this Agreement and deliver a copy of the same to the Escrow Bank within three (3) business days of it being so executed;
(ii) Cambridge Institute shall issue payment vouchers, not less than thirty (30) days prior to the Commencement Date, to the Student in accordance with the terms of the Master Escrow Agreement and the Student shall submit such payment vouchers together with any payment made under Clause 3.2(iii). (please refer to the Standard Student Contract); and
(iii) The Student shall pay the Tuition Fees directly into the Escrow Account on or before the dates specified in Schedule 2.1 (please refer to the Standard Student Contract).
Where SPS is in the form of Student Tuition Fee Insurance:
| (i) |
A copy of the master insurance policy dated 1st February 2005 issued by [NTUC Income Insurance Co-operative Ltd] (the “Master Insurance Policy”) taken up by Cambridge Institute’ website at www.cambridge.com.sg. |
| (ii) |
The Master Insurance Policy sets out, among other things, the events under which NTUC Income Insurance Co-operative Ltd shall indemnify the Student for Tuition Fees paid to Cambridge Institute. |
| (iii) |
[The Student acknowledges that he/she has read and has understood the terms of the Master Insurance Policy and hereby agrees to the terms and conditions therein].
Cambridge Institute hereby undertakes to procure that the cover under the Master Insurance Policy shall be extended to the Student and Cambridge Institute shall, within two[2] days of the date of this Agreement, deliver to the Student the certificate of the student insurance. |
No Double Claim: For the avoidance of doubt, if the Student and/or his/her parent/guardian receives any payment from Cambridge Institute or the Escrow Bank pursuant to a provision of this Agreement or the Master Escrow Agreement in respect of any matter or damage, then the Student and his/her parent/guardian shall not be entitled to claim against the Cambridge Institute or the Escrow Bank for the same payment in respect of the same matter or damage pursuant to any other provision of this Agreement or the Master Escrow Agreement
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