What is Project Loser?

I’m not even sure how this Project started apart from having talked about it with the Pledgors (listed below). I think it all started with me setting a target to shed some nasty kilos for my wedding next year. I’m giving myself a year to get back into shape and look all hawt and sexy on my big day. Haha .. but whoever said this is all a walk in the park needs some smacking! If I also remember correctly, the initial conversation started with Johnny Bravo, Funky Monkey and myself where they offered to contribute SGD10 for every kilo I lose. Then, they got excited and started coming up funky structures — leave it to the Bankers to craft up with something!

The terms are all set out below, there’s even clauses on ‘Bonus payment’, ‘Fitness Clause’ and so forth. I had fun reading their inputs and I’m going to give my 100% into this Project — at the end of the day I’m shedding kilos AND there’s money given to Seeing Is Believing! Seeing is Believing is a global initiative to help tackle avoidable blindness. SiB is a partnership between Standard Chartered Bank and the International Agency for Prevention of Blindness (IAPB). IAPB (registered charity, No. 1100559) is the leading umbrella organisation for NGOs working in the field of eye care. Together with the World Health Organisation, it launched the ‘Vision 2020 – The Right to Sight’, the global campaign to eliminate avoidable blindness by 2020.

So wish me luck, ok? Don’t tempt me with Chocolates and other snacks or I’ll bite you .. grr

SUMMARY OF INDICATIVE TERMS AND CONDITIONS

This term sheet is for discussion only. This term sheet is not meant to be, nor should it be construed as a commitment to pledge monies and is solely reflective of the performance of the Loser as described herein.

The Loser	Losernator
Syndicated Pledgors	1.       Losernator 2.       Johnny Bravo 3.       Funky Monkey (collectively known as “Pledgors”) 4.       Dato Bandar (aka Dato) (Pledgors and Dato shall be collectively known as the “Syndicated Pledgors”)
PROJECT LOSER
Project Details	To lose a targeted weight of at least 20kg and 15% of body fat by 31st January 2010. To be certified fit by a professional fitness instructor.
Pledges	Singapore Dollar (SGD) 10 (ten) per kilogram lost as verified by the Personal Trainer of Fitness First or some other documentary evidence (e.g. weigh-in slip).
Bonus payout	Upon reaching the first bonus target of 10kg (ten kilograms) lost, the Pledgors will each pledge an additional SGD20 towards the Loser Investment Fund on top of their existing Pledges. Upon reaching the second bonus target of 20kg (twenty kilograms) lost, the Pledgors will each pledge an additional SGD50 towards the Loser Investment Fund on top of their existing Pledges. For every 5 inches lost at the waist, the Pledgors will each pledge an additional SGD10 per inch lost towards the Loser Investment Fund on top of their existing Pledges.
Body Fat Loss Percentage Clause	Applicable to Dato only For each 1% of body fat lost, Dato pledges the following amounts: For the first 5% lost, RM10 per percent; For 6% – 10% lost, RM20 per percent; and For 11% – 15% lost, RM30 per percent. Applicable to Johnny Bravo only Upon achieving a minimum of 10% body fat loss – SGD20 will be contributed towards the Loser Investment Fund Upon achieving a minimum of 20% body fat loss – SGD50 will be contributed towards the Loser Investment Fund
Fitness Clause	Applicable to Dato onlyI pledge RM30 for each for the following fitness exams the Loser passes: Aerobic fitness Muscular fitness Flexibility fitness The above exams shall be administered by any certified fitness instructor. For more information please see: http://edition.cnn.com/HEALTH/library/SM/00086.html
Tenor	This project shall commence effective 2nd February 2009 up to 31st January 2010
Milestones	To lose at least 5kg and 7% body fat by 30th June 2009; and To lose at least 10kg and 15% body fat by 31st January 2010
Penalty(ies)	Failure to meet the Milestones stipulated above shall subject the Loser a penalty of SGD100 shall be pledged towards the Loser Investment Fund.
Maintenance Clauses	The Loser shall be subjected to maintain its weight and body fat percentage (subject to a buffer allowance of 5%) commencing 1 February 2010 – 31st December 2010 failing which the Loser shall: Run a Half Marathon before end 2011 and Spend the Syndicated Pledgors a nice dinner if the Loser is unable to partake in the foresaid Marathon.
Negative Clauses	The Loser can not lose more then 5% of body fat in a month. The Loser can not subscribe to any form of weight loss drug or herbal remedy.
Loser Investment Fund	The Loser shall maintain an accurate account of the Loser Investment Fund and all accounting entries are to be recorded. All proceeds from the Loser Investment Fund are for the benefit of Seeing Is Believing charity of Standard Chartered Bank.
Other covenants & conditions	The Loser shall at all times maintain a record of its weight loss and to communicate this to the Syndicated Pledgors. In the event should the Loser decides to give or terminate this Project, the Loser shall be penalized with SGD500 which would go towards the Loser Investment Fund. Payment of the funds shall be made no later then end June 2010.