Responsible for administering the majority of disputes, the SIAC is the number one arbitration institution in Singapore. When it comes to domestic arbitration, parties can contest awards delivered by arbitration tribunals by filing an appeal with a court. Motions to reverse arbitration awards must be filed within thirty days of their issuance.
Once an appeal is filed, a court may confirm, change or transfer an award (partly or wholly) to an arbitral tribunal for reconsideration. Parties may also agree to exclude this condition from their agreement during dispute resolution through arbitration in Singapore.
Awards delivered by foreign arbitration tribunals are enforced in the same way as decisions rendered by courts. Foreign awards are recognized in the same way as domestic ones, provided that the decision was made in a country that has signed the NYC.
Singapore: Arbitration Regulation
The two pieces of legislation regulating arbitration in Singapore are the Civil Law Act & Civil Law Ordinance. Recently, consultations have been initiated to seek feedback on the proposed amendments to the International Arbitration Act, namely:
- introducing a default mode of appointment of arbitrators in situations involving multiple parties;
- enabling parties to ask arbitrators to provide a preliminary decision at the initial stages of dispute resolution in Singapore;
- recognizing that arbitration tribunals & the High Court are empowered to enforce confidentiality obligations;
- allowing parties to agree to set aside or limit grounds for setting aside a decision as per the UML & local laws;
- empowering courts to order reimbursement of costs in certain arbitral proceedings.
Settling a Dispute by Mediation in Singapore: Legal Framework
Established in 2014, the Singapore Mediation Center provides commercial mediation services for most types of disputes, including settlement of international disputes in Singapore.
Being the regulatory basis for dispute settlement in Singapore, the Mediation Act 2017 aims to encourage, stimulate & facilitate the use of mediation.
The Singapore Convention establishes a legal framework for international mediation agreements. It allows parties to enforce & invoke international agreements for the settlement of disputes in other countries. As of now, it’s been ratified by fifty one countries, including the US, India, PRC & South Korea.
Seeking to settle a dispute in Singapore? Need advice on arbitration/mediation regulation in Singapore? Please consider contacting IQ Decision UK.