The choice of an arbitration institution is a task that the parties must solve in order to successfully resolve a commercial dispute. The efficiency of the entire process and its result, the duration of the procedure, and also its cost depend on this choice.
In recent years, many businessmen prefer Singapore when choosing a jurisdiction for arbitration. In this blog post, we will try to answer the question why this jurisdiction is gaining popularity, consider the regulation of arbitration proceedings in Singapore, how arbitration takes place and the basic requirements for the process.
Legal landscape
The most famous and reputable arbitration institution in this country is the International Arbitration Center SIAC. This institution is one of the five most reputable specialized institutions in the world. The center is renowned for its tough approaches to the selection of arbitrators as well as cybersecurity.
Overall, this arbitration institution has a reputation for being innovative and least conservative of the top five. It updates its regulations on a regular basis.
The center became one of the first to adapt its work to the requirements and challenges associated with the coronavirus pandemic and has become even more in demand in the resolution of international commercial disputes through arbitration online.
When it is impossible to use arbitration to resolve a dispute in Singapore:
- disputes about custody;
- issue of licenses provided by law;
- disputes on TMs;
- some anti-competitive issues.
Dispute resolution by arbitration in Singapore is also not possible in relation to an insolvent company if the substantive rights of other creditors are affected.
Choosing an Arbitrator
In Singapore, one has a great choice of excellent arbitrators who are either in-house specialists or professionals employed by international firms.
One can set forward specific requirements for the prospective arbitrator, such as education, experience in a certain field related to the topic of the conflict, or a set of narrow qualifications as their experience and knowledge can assist during the process.
Most of the rules of the leading arbitration institutions, including the SIAC, have now introduced the possibility of appointing an emergency arbitrator who will decide on interim measures.
Conclusion
Arbitration hearings in Singapore can be governed by both domestic and international law. An important point will be the conclusion of the arbitration agreement. After all, it spells out the key requirements for resolving a commercial dispute in Singapore.
For more information, do not hesitate to sign up for a consultation on the initiation of arbitration proceedings in Singapore.
