Following SIMC launching, companies & individuals seeking to settle disputes via mediation in Singapore should take care of renegotiating their contracts.
What makes Singapore the number one site for international arbitration is that it meets all international arbitration standards. The city also hosts headquarters of some respected & well-known arbitration organizations are located.
Another advantage that Singapore has over other countries is that foreign arbitrators & lawyers shouldn’t apply for special permits upon arriving in Singapore. It is also a big plus that foreign arbitrators mustn’t pay income tax.
Singapore ranks the fifth on the list of the top arbitration sites. If you are considering initiating arbitration proceedings in Singapore, you should keep in mind that the country is very popular with entrepreneurs from Korea, Japan & India.
Singapore’s arbitration rules are constantly updated to accommodate for the latest changes in international law. In particular, procedure for emergency arbitrators has recently been put in place to address the need for updated interim measures.
Those considering settling an international dispute through arbitration in Singapore are guaranteed full confidentiality & comprehensive support from courts. They can also count on interim measures being applied at any time.
Challenging arbitral awards has low chances of success because Singaporean courts stick to the policy of non-interference with awards, even if it doesn’t comply with relevant legislation
Resolving disputes via mediation in Singapore is fairly affordable, confidential & practical. It also entails few risks & ensures an acceptable result.
Because there are quite a few mediators in the country, retaining mediator services in Singapore is pretty easy. Arbitration disputes can be submitted to SIMC, and parties may agree on enforcing awards as if they were arbitration awards delivered as per SIAC rules.
Typically, parties are recommended to include this model clause in their mediation agreements:
“All disagreements that arise from or due to this agreement should be submitted for settlement to Singapore’s courts. It is agreed that upon the initiation of arbitral proceedings, parties will seek to settle their differences through SIMC’s mediation. Once a decision is reached, it must be submitted to an arbitral court.”
Singapore provides contracting parties with a full range of options for resolving international disputes. If you’re planning on settling a dispute through a mediator in Singapore, you should consider hiring competent advisors. IQ Decision UK is ready to provide you with the best mediation advice.