7 July 2016
On 1 July 2016, the Singapore International Arbitration Centre (SIAC) released its long-awaited Arbitration Rules 2016 (the SIAC Rules 2016). The 2016 revisions build upon the SIAC Arbitration Rules 2013 and are a result of an extensive public consultation process. The 2016 revisions mirror the current market demand for cost - and time - efficient arbitrations, and will cement SIAC's position as a leading international arbitral institution in Asia and beyond.
Indian parties actively look to the SIAC to resolve their international commercial disputes and, over the last 3 years, have consistently been among the top international users of SIAC arbitration. These arbitrations involve a wide range of industry sectors, including oil and gas, energy and resources, construction, financial services and telecommunications. A record 91 new cases involving Indian parties were filed in the SIAC in 2015.
The SIAC Rules 2016 come into effect on 1 August 2016. The revised rules will apply to any arbitration commenced on or after 1 August 2016, where parties have agreed to refer their disputes to SIAC for arbitration or to arbitration in accordance with SIAC Rules (unless parties have agreed that some older version of SIAC's rules should apply).
The revisions comprise a wide range of amendments to the SIAC Arbitration Rules 2013, covering areas such as early dismissal of claims, emergency arbitration, expedited procedure, joinder and consolidation. Ten of these amendments – the Ten New Commandments of the SIAC Arbitration – are of particular importance to parties arbitrating under the auspices of SIAC.
Unveiling the SIAC Arbitration Rules 2016: What this means for Indian parties