Singapore has established itself as a premier destination for international arbitration, largely due to the reputation of the Singapore International Arbitration Centre (SIAC). Understanding the role and advantages of SIAC arbitration can benefit parties seeking efficient dispute resolution.
Why Choose SIAC Arbitration?
Neutral Venue: Singapore offers a neutral ground for parties from different jurisdictions.
Modern Legal Framework: Governed by the International Arbitration Act, which incorporates the UNCITRAL Model Law.
Enforceability: Singapore is a signatory to the New York Convention, facilitating international enforcement of arbitral awards.
Key Features of SIAC
Expedited Procedure: For disputes under S$6 million, SIAC offers a faster resolution process.
Emergency Arbitration: Allows parties to seek urgent interim relief before the tribunal is constituted.
Expert Panels: Access to a pool of experienced arbitrators with diverse expertise.
Arbitration Process at SIAC
Notice of Arbitration: Initiation of proceedings by filing a notice.
Appointment of Arbitrator(s): Parties may agree on arbitrators or have SIAC appoint them.
Procedural Timetable: Establishment of timelines for submissions and hearings.
Hearing and Award: Conduct of hearings (if necessary) and issuance of the arbitral award.
Confidentiality
SIAC rules emphasize confidentiality, protecting sensitive business information from public disclosure.
Conclusion
SIAC arbitration provides a reliable and efficient mechanism for resolving international disputes. Its rules and procedures are designed to meet the needs of global commerce, making it a preferred choice for many businesses.
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