The fastest growing arbitral institution, Singapore International Arbitration Centre or SIAC allows the parties to follow a contract that agree to refer their disputes to arbitration in accordance with the SIAC Arbitration Rules. This implies that, the parties have approved that their disputes will be resolved by arbitration and that the arbitration proceedings will be governed by the procedural rules in the SIAC Arbitration Rules, in addition to any mandatory rules at the seat of arbitration.

The agreement of the parties is usually recorded in an arbitration clause. To draft an arbitration clause, simple and clear language is preferred. The clause ensures that parties spend less time and costs when a dispute arises. Example of the SIAC arbitration clause is given below-

 “Any dispute arising out of or in connection with this contract, including any question regarding its existence, validity or termination, shall be referred to and finally resolved by arbitration administered by the Singapore International Arbitration Centre (“SIAC”) in accordance with the Arbitration Rules of the Singapore International Arbitration Centre (“SIAC Rules”) for the time being in force, which rules are deemed to be incorporated by reference in this clause.

The seat of the arbitration shall be [city, country].

The Tribunal shall consist of [one or three] arbitrator(s).

The language of the arbitration shall be [specify language, e.g., English].

This contract is governed by the laws of [specify the State, e.g., Switzerland].”

If you are looking for an arbitration firm with significant prior experience in arbitrations involving SIAC and Singapore law, then get in touch with Aceris Law.

Aceris Law’s SIAC Arbitration Lawyers Desk served as counsel for a Middle Eastern client in SIAC arbitration against the Singapore subsidiary of a large multinational company under Singapore law in the IT industry that was settled on highly favorable terms for their client. Aceris’ lawyers also acted as counsel for a company based in Singapore in arbitration subject to concerning the aviation industry.

Furthermore, they have provided legal advice to clients in Singapore in relation to investment disputes with African States and have served as counsel in other arbitrations in the chemical, oil and gas, renewable energy, construction and engineering, distribution, finance, media, automotive, aviation, logistics, IT, telecommunications, hospitality, infrastructure, pharmaceuticals, shipping, steel and transportation industries, inter alia.

To learn more, feel free to visit https://www.acerislaw.com.