SIAC Announces Commencement of Revisions for SIAC Arbitration Rules
The Singapore International Arbitration Centre is pleased to announce the formal commencement of the process of reviewing the SIAC Arbitration Rules. The Rules revision will take into account recent developments in international arbitration practice and procedure, and is aimed at better serving the needs of the businesses, financial institutions and governments that use SIAC. SIAC plans to release a revised version of the SIAC Arbitration Rules in mid-2016.
The previous revision to the SIAC Rules was made in 2013, primarily to reflect its new governance structures, including the restructuring of the SIAC Board of Directors and the creation of the SIAC Court of Arbitration. The 2013 revision also clarified the Rules on issues such as the commencement of arbitrations, extension of time limits, and powers of the arbitral tribunal to award post-award interest.
The revised SIAC Rules will introduce state-of-the-art revisions to better cater to the needs and profiles of SIAC users. To this end, the SIAC Court, which is composed of leading practitioners from all over the world, has established a Rules Revision Executive Committee and constituted various committees on issues such as consolidation and joinder, emergency arbitrators and expedited procedures, and investment arbitration. The Rules Revision Executive Committee, chaired by the President of the SIAC Court of Arbitration, will consult widely with users and international arbitration practitioners around the world.
Gary Born, President of the Court of Arbitration of SIAC, said: “SIAC’s Arbitration Rules are among the most developed and efficient in the world. The Rules Revision process is aimed at ensuring that SIAC stays at the cutting edge of international arbitration practice around the world. We will be consulting widely with SIAC users and arbitration practitioners during the Rules Revision. We also invite comments from all those interested in SIAC’s work.”
For more information please contact:
Singapore International Arbitration Centre
T: +65 6221 8833