Fee Protection Scheme
June’s Beauty School’s undertaking to have FPS:
June’s Beauty School 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.
Our appointed FPS provider : DBS BANK LTD
June’s Beauty School hereby undertakes to the Student that as stipulated under
the FPS, June’s Beauty School shall collect fees in equal instalment amounts
from the Student with each collection not exceeding the collection cap
calculated according to the following formula*:
(i) EduTrust-certified PEI (12-month) |
X/z x 12 = (_______________) |
(ii) Non-EduTrust-certified PEI (6-month) |
Y/Z x 6 = (_______________) |
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.
June’s Beauty School’s FPS is in the form of escrow account:
A copy of the master escrow agreement between CPE and DBS Bank Ltd (the
“Master Escrow Agreement”) and acceded to by the PEI on [22nd December 2009]
is available for reference.
The Master Escrow Agreement sets out, among other things, the details upon
which the PEI shall establish an escrow account with either DBS Bank Ltd,
HongKong and Shanghai Banking Corporation Limited or 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 June’s Beauty School and/or
the Student.
June’s Beauty School 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 3 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;
- The Student shall pay the Course Fees directly into the Escrow Account on
or before the dates specified in Schedule 2.1.
For the avoidance of doubt, if the Student and/or his/her parent/guardian receives
any payment from the PEI 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 PEI 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.
Related Documents
LINK TO SAMPLE PEI STUDENT CONTRACT
LINK TO CERTIFICATE OF PEI ESCROW ESTABLISHMENT
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