Singapore is the most preferred arbitration seat in Asia, and the 3rd most preferred arbitration seat globally after London and Paris, based on the Queen Mary University of London (QMUL) International Arbitration Survey in 2018.
In arbitration, parties agree to submit their dispute for resolution by one or more arbitrators, who are neutral third parties appointed to resolve the dispute. The arbitrators will render a final and binding decision in the form of an award after giving each side an opportunity to present its case.
Singapore was one of the first jurisdictions to provide clear legislative support for the appointment of an emergency arbitrator, and for any resulting order. The emergency arbitrator procedure enables parties to obtain urgent interim relief before a Tribunal is constituted, without the need to go to Court.
Singapore is a party to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (commonly known as the “New York Convention”).
Arbitral awards issued in Singapore are enforceable in over 150 countries.
Singapore’s arbitration legislation has adopted the UNCITRAL Model Law on International Commercial Arbitration of 1985, including provisions which empowering the Court to grant interim orders in aid of foreign arbitration.
The Singapore International Arbitration Centre is the first commercial arbitral institution to offer a stand-alone set of rules to address the special features and demands of arbitration proceedings involving States, State-controlled entities or intergovernmental organisations, whether arising out of a contract, statute, treaty or other instrument. The 1st edition of the SIAC Investment Arbitration Rules came into effect on 1 January 2017.