SIAC Implements New Rules
24 September 2012
The Singapore International Arbitration Centre (SIAC) has implemented the latest edition of the SIAC Arbitration Rules (2010 SIAC Rules). This is the fourth edition of the Rules, and they are effective from July 1, 2010.
The 2010 SIAC Rules were drafted by the Rules Committee of the SIAC Board of Directors; the Rules Committee is chaired by David Rivkin and also comprises Sundaresh Menon, Judith Gill, Pierre-Yves Gunter and John Savage.
The new Rules were drafted after a review of the practical experience of the application of the 2007 SIAC Rules and extensive public consultation with practitioners, arbitrators and other stakeholders, the SIAC said in a media release. They retain their foundation in the SIAC 2007 Rules, which have been clarified and updated, and introduce some new features.
Among the new features, according to the SIAC, is the availability of an expedited procedure, which is available:
• when the amount in dispute does not exceed S$5 million (US$3.66 million); or
• when the parties agree; or
• in cases of exceptional urgency.
Another new feature is the ability to appoint an Emergency Arbitrator to seek interim relief before the tribunal is constituted.
“The 2010 SIAC Rules will facilitate even more efficient and effective arbitration at SIAC,” the release said. “They reflect best practices in international arbitration, and the new features will be positive additions for users of SIAC arbitration.”
