In recent years, Singapore has been strengthening its position as a regional hub for dispute resolution. An important branch in this development is arbitration at the Singapore International Arbitration Centre (SIAC). The SIAC was set up in 1991, some 28 years ago. During this time, the SIAC Rules have undergone 5 revisions, ensuring that the arbitration procedure in Singapore remained up to date, and able to meet the changing needs of parties. The sixth iteration of the SIAC Rules, the SIAC Rules 2016, has introduced further innovations.
In addition, the legislature and the judiciary have, respectively, taken steps to develop the law with a view towards assisting parties to arbitration in Singapore. This has been achieved primarily through the International Arbitration Act in Singapore, which, in line with the UN Model Law, takes an arbitration-friendly position.
SIAC Rules 2016 – New Innovations The SIAC Rules 2016 introduced a number of innovative developments, which have had a significant impact on arbitration in Singapore.
One of the key developments is the introduction of a procedure for the early dismissal of claims and defenses, in Rule 29. Like in litigation practice, this is intended to offer an avenue for parties to seek summary dismissal of a claim or defense that is without legal merit, or outside the jurisdiction of the Tribunal. SIAC is the first international arbitration institution to have introduced such a procedure.
Traditionally, a key concern that parties, and in particular, financial institutions, have had in relation to arbitration has been the lack of a summary procedure. This is especially so in straightforward debt recovery matters. Parties have long bemoaned the need to proceed for a full evidentiary hearing for straightforward debt recovery claims, which can be decided on the basis of documents alone, in a summary fashion.
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