Protection of interests in the SIAC

13 октября 2019

Nadmitov, Ivanov and Partners carries out representation in the international arbitration center in Singapore International Arbitration Center (SIAC).

The International Arbitration Center in Singapore is an independent arbitration body that offers international commercial arbitration services. It is one of the least corrupt arbitration organizations with jurisdictions in more than 150 countries.

Number of arbitrators: 1, unless otherwise agreed by the Parties or the Secretary does not acknowledge that 3 arbitrators should be appointed (Art.9.1)

Procedure for Appointing Arbitrators: The candidates nominated by the Parties are subject to the approval of the President of the Center. When appointing an arbitrator, either Party may propose to the other Party the names of candidates for arbitration. If the Parties do not agree that the President will appoint an arbitrator within 21 days of the date on which the proceedings were initiated.

Case consideration period: 6 months with the possibility of extension

Registration Fee: S $ 2,000 (Expenditure Statement)

Administration fee: S $ 3,800 to S $ 95,000

SIAC advantages: it is possible to combine arbitration proceedings; The UNCITRAL Model Law is used as the basis for proceedings in the Singapore Arbitration Center; a young institution providing an opportunity for Parties to shape their practice; the open economy of Singapore; relatively low fees.

Features: the ability to resolve a dispute ex aequo et bono or as a friendly companion (amiable compositeur), unlike, for example, the ICAC.

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