New Arbitration Rules of the Singapore International Arbitration Centre Come into Force
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- On 1 August 2016, the 6th Edition of the Arbitration Rules of the Singapore International Arbitration Centre (the “2016 SIAC Rules”) came into force. The Rules will apply by default to any arbitration commenced on or after that date, where the parties have agreed to apply the SIAC Rules to their disputes or to refer their disputes to the SIAC without specifying the rules that should apply.
- The 2016 SIAC Rules contain several innovations designed to increase efficiency and cost-effectiveness, including the early dismissal of claims and defenses and various mechanisms to streamline complex commercial disputes involving multiple parties or contracts.
- The 2016 SIAC Rules also refine the SIAC Expedited Procedure, which will facilitate the enforcement of awards rendered under that procedure and encourage greater use of expedited proceedings in appropriate cases.