Singapore International Arbitration Centre
The Singapore International Arbitration Centre (SIAC) is all set to establish a representative office at the Gujarat International Finance Tec-City (GIFT City) to resolve international commercial disputes.
Background:
SIAC has signed a Memorandum of Agreement (MOA) with Gujarat International Finance Tec-City Company Limited (GIFTCL) and GIFT SEZ Limited (GIFT SEZ).
Details:
- SIAC will establish a representative office at GIFT City to promote its international arbitration services to Indian users. Indian parties are among the top five foreign users of SIAC in the last five years. It was the top foreign user of SIAC in 2013 and 2015.
- As per the terms of the agreement, GIFTCL, GIFT SEZ and SIAC will collaborate to promote the use of arbitration, mediation and other dispute resolution mechanisms, including the innovative ‘Arb-Med-Arb’ service offered by the SIAC and the Singapore International Mediation Centre (SIMC).
- An international arbitration centre or IAC is a centre where disputes arising out of commercial agreements from sectors like insurance, shipping, construction, private equity and other trades are handled.
- Arbitration is different from court litigation and is typically less time-consuming as it is done in private between the lawyers representing the aggrieved parties.
- Arb-Med-Arb is a process where a dispute is first referred to arbitration before mediation is attempted. If parties are able to settle their dispute through mediation, their mediated settlement may be recorded as a consent award.
- The consent award is generally accepted as an arbitral award, and, subject to any local legislation and/or requirements, is generally enforceable in approximately 150 countries under the New York Convention.
- If parties are unable to settle their dispute through mediation, they may continue with the arbitration proceedings.
