The latest edition of the Singapore International Arbitration Centre (SIAC) Rules came into effect on 1 July 2010. This is the fourth edition of the SIAC Rules and is the result of consultations with practitioners, arbitrators and other stakeholders. The new Rules retain the foundation of the 2007 SIAC Rules with updates to keep up with efficient arbitration practices.
Updates
- A 'fast-track' procedure has been introduced for amounts in dispute not exceeding S$5m or in cases of exceptional urgency. This new expedited arbitration process requires an award to be issued within six months from the tribunal being constituted and the reasons for the award may be in 'summary form'.
- A party may request interim and emergency relief through an Emergency Arbitrator appointed before the tribunal is appointed.
- In addition to earlier provisions of the arbitrators' qualifications, the Chairman of the SIAC is required to consider if the arbitrator to be appointed has "sufficient availability to determine the case in a prompt and efficient manner". The purpose of this change is to prevent delay due to an arbitrator's other commitments.
- The arbitral tribunal is now authorised to take appropriate measures such as ordering sanctions or costs if a party breaches its obligation to keep the arbitration proceedings and award confidential.
- The Memorandum of Issues to be drawn up between the parties, introduced in 2007, has now been removed.
With the growing popularity of international arbitration as a dispute resolution option, these amended Rules may encourage more parties to use SIAC as the administrating body for arbitration in Singapore.