Frequently Asked Questions
Frequently Asked Questions
What are Guarantees?
Guarantees are issued by Financial Institutions as an undertaking that the business or individual will fulfill its contractual or licensing obligations/ regulatory requirements. They can be in the form of a banker’s guarantee, insurer’s guarantee or insurer’s bond.
Guarantees are used by the Government:
- As security deposits and tender deposits for procurement, revenue and land sales contracts; and
- For licensing obligations/ regulatory requirements, e.g. employment agency licensing, dog breed licensing, GST registration.
Why should I apply for an eGuarantee instead of a paper guarantee?
You can enjoy a faster lodgement process. Typically, it takes you up to 5-7 days from application to delivery of the guarantee to the Agency. With eGuarantee@Gov, the application and issuance process can be completed within a day. You can also enjoy cost savings as there is no longer a need to collect the paper guarantee from the bank or insurance company and deliver them to the Agency.
What type of eGuarantee can I apply for?
You can apply for guarantees for i) procurement of general goods and services and construction services, ii) revenue contracts, iii) land sale tenders, and iv) licensing obligations/ regulatory requirements. Please approach the Agency you are dealing with to find out the type of eGuarantee it requires.
How do I check on the status of my eGuarantee? Who should I contact regarding the status of my eGuarantee application.
The bank or insurance company will inform you that it has issued the eGuarantee. Once your eGuarantee has been lodged successfully, the Agency will inform you on the next step of your procurement, revenue contracts, land sale tenders or licensing process. You may contact the Agency regarding the status of your eGuarantee if it has been lodged successfully.
How is eGuaranee@Gov different from the Electronic Bankers’ Guarantee Programme?
eGuarantee@Gov is an expansion of the Electronic Bankers’ Guarantee Programme used by Singapore Customs. It will tap on the Networked Trade Platform (NTP) and include more types of guarantees required by government agencies. More Financial Institutions (FIs) will also participate so applicants can have more choices of the FI they wish to purchase eGuarantees from. FIs will also benefit from greater participation by applicants.
What is NTP?
NTP is a one-stop trade and logistics ecosystem that connects players across the trade value chain both locally and abroad. It aims to provide the foundation for Singapore to be a leading trade, supply chain and trade financing hub.
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