Commercial Arbitration
Singapore’s dispute resolution regime is open and transparent, and parties have ready access to international judges, arbitrators, mediators and counsel. Parties who choose Singapore will have a full suite of top-class arbitration, litigation and mediation services to choose from.
Singapore International Arbitration Centre
The Singapore International Arbitration Centre (SIAC) is an independent, not-for-profit organisation with an established track record for providing best-in-class arbitration services, priced highly competitively, to the global business community.
SIAC’s Board of Directors and Court of Arbitration consist of eminent lawyer and professionals from all around the world. It has an experienced international panel
of over 500 expert arbitrators from over 40 jurisdictions, including over 100 experienced arbitrators in the areas of Energy, Engineering, Procurement and Construction from more than 25 jurisdictions.
The SIAC Rules provide a state-of-the-art procedural framework for the efficient, expert and enforceable resolution of international disputes of all sizes and complexities, involving parties from diverse systems and cultures. In 2020, SIAC commenced its most recent public consultation for the revision of the SIAC Rules, to meet the needs of its users against a constantly evolving arbitration scene.
SIAC was ranked the third most preferred arbitral institution in the world in the 2018 Queen Mary University of London (QMUL) International Arbitration Survey, which makes it the most preferred arbitral institution based in Asia.
In a 2018 study by CMS Holborn Asia and the Society of International Law (Singapore), titled “Costs and Duration: A Comparison of the HKIAC, LCIA, SCC and SIAC Studies”, the authors had concluded that “SIAC remains the most cost-competitive option for both sole-arbitrator and three-arbitrator cases” and that “for three-arbitrator cases in particular, SIAC remains significantly cheaper than LCIA and SCC where the costs extend to six-digit figures”. The article also reported that SIAC arbitrations are “the most efficient in comparison to the other arbitral institutions”.
The highest sum in dispute for a single administered case at SIAC was SGD 5.02 billion (USD 3.47 billion).
SIAC set a new record in 2020, with 1005 new cases as of 30 October 2020, which included two sets of related cases. This is the first time SIAC’s caseload has crossed the 1000-case threshold.
Singapore Chamber of Maritime Arbitration
The Singapore Chamber of Maritime Arbitration provides a framework for maritime arbitration that is responsive to the needs of industry users. Its global and regional members hail from all sectors of maritime, trade and arbitration communities. SCMA attracts disputants in the region by providing tailored solutions to suit the region’s interests.
The Secretariat helms the promotion and development of SCMA across the region. The Secretariat also leads educational and training symposiums to foster thought leadership and encourage pragmatic solutions for maritime and trade businesses.
The Registrar and Assistant Registrar provide on-demand administrative support to disputants and tribunals. They assist SCMA’s Chairperson in the exercise of powers under the SCMA Rules.
As part of SCMA’s commitment to meet the needs of its members and users, in 2021, SCMA will launch a new edition of its Rules after having conducted extensive consultation with its stakeholders.
INTERNATIONAL INSTITUTIONS WITH A PRESENCE IN SINGAPORE
- American Arbitration Association - International Centre for Dispute Resolution (ICDR)
- International Chamber of Commerce (ICC) International Court of Arbitration
- Permanent Court of Arbitration (PCA)
- World Bank International Centre for Settlement of Investment Disputes (ICSID)
- World Intellectual Property Office (WIPO) Arbitration and Mediation Center