10 October 2016
SIAC Releases Costs and Duration Study

The Singapore International Arbitration Centre (SIAC) is pleased to present its Costs and Duration Study (Study) based on actual cases filed with SIAC under the SIAC Rules 2013. The Study shows that the mean duration of cases is 13.8 months, and the median duration is 11.7 months. The mean total costs of arbitration is USD 80,337 (SGD 109,729), and the median total costs of arbitration is USD 29,567 (SGD 40,416).

Gary Born, President of the Court of Arbitration of SIAC, commented, “The Study affirms SIAC’s position as a global leader for quality and efficiency in the resolution of cross-border disputes of all sizes and complexities. Given that SIAC’s average sum in dispute in the past three years is more than USD 16 million, the Study clearly demonstrates the advantages of the ad valorem cost system and the robust nature of SIAC's cost determination process, whereby the actual costs of arbitration are finally determined based on a reasonable percentage of the maximum fee caps set out in SIAC’s Schedule of Fees.”

Lim Seok Hui, Chief Executive Officer of SIAC, added, “The Study underscores SIAC’s firm commitment to providing greater transparency, certainty and efficiency for its users from all parts of the world. The recent release of the SIAC Rules 2016, which include a number of market-leading innovations such as the early dismissal process and enhancements to our popular Emergency Arbitrator and Expedited Procedure provisions, will enable parties to achieve even greater savings in time and costs.”

Further details on the Study and the time and cost advantages of SIAC arbitrations may be found here.
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