The Employee Credit Card Agreement is essential for organizations in Singapore that provide corporate credit cards to their staff. It serves as a crucial risk management tool, ensuring compliance with MAS regulations while protecting the company's financial interests. This agreement typically includes specific provisions for card usage, expense documentation, liability allocation, and termination conditions. Under Singapore law, it creates a clear framework for managing corporate card programs while addressing both employment and banking law requirements. The agreement is particularly important given Singapore's strict financial regulations and the need for clear documentation in corporate financial management.
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1. Parties: Identifies the employer and employee entering into the agreement
2. Background: Context of providing corporate credit card for business purposes
3. Definitions: Key terms used tHRoughout the agreement including 'Credit Card', 'Authorized Use', 'Business Expenses'
4. Card Issuance and Ownership: Terms of card provision and ownership status, including that the card remains property of the company
5. Authorized Use: Permitted uses of the corporate credit card and restrictions on personal use
6. Employee Obligations: Core responsibilities of the employee regarding card usage, security, and reporting
7. Expense Reporting: Requirements for documenting and reporting expenses, including submission deadlines
8. Termination: Conditions and process for agreement termination and card return
1. International Usage: Terms and conditions for using the corporate card outside Singapore, including foreign transaction fees and reporting requirements
2. Supplementary Cards: Provisions for additional cards and associated responsibilities
3. Rewards Program: Terms related to any card rewards or benefits and their ownership
1. Schedule 1: Credit Limit and Fee Structure: Detailed breakdown of credit limits, applicable fees, and interest charges
2. Schedule 2: Expense Reporting Procedures: Step-by-step procedures for submitting expense reports and required documentation
3. Appendix A: Authorized Business Expenses: Comprehensive list of permitted business expense categories and exclusions
4. Appendix B: Card Usage Guidelines: Detailed guidelines for appropriate card usage and security measures
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