Arbitration in Singapore enters an exciting phase with the official release of the Singapore International Arbitration Centre’s new rules (SIAC Rules 2016) which will come into effect on 1 August 2016.
The SIAC Rules 2016 incorporates certain new processes that are designed to improve the efficiency and effectiveness of arbitrations, such as:
1. Allowing the consolidation of arbitrations in disputes arising under multiple arbitration agreements.
2. Allowing persons or entities who may not be parties to the arbitration agreement to join an arbitration as additional party.
3. Providing a process for parties to apply for an early dismissal of claims or defences that are clearly without merits or outside the Tribunal’s jurisdiction.
4. Removing Singapore as the default seat of arbitration and leaving this issue to the Tribunal and parties.
5. Increasing the monetary limit for the expedited procedure from SGD5 million to SGD6 million.
In my view, these new features, some of which are global firsts, will in no small measure contribute to the promotion of the SIAC as a key arbitration center.
Tan Joo Seng
14 July 2016
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