Singapore will be the new center of international dispute resolution

27.10.2014

In November 2014, Singapore will open the Singapore International Mediation Centre (SIMC) and in 2015 the Singapore International Commercial Court (SICC).  This is due to the fact that many multinational corporations base their Asia-Pacific operations in or near Singapore, making it one of the most common meeting points for international commercial dispute resolution.

The SMIC was issued by the Recommendations of the International Commercial Meditation Working Group. The key recommendations include:

1) ”Deal making service” where a mediator supports parties contemplating making a major deal, to avoid potential issues which may lead to disputes;

2)  “Post-merger facilitation” where a mediator is engaged to maximize cooperation and mutual benefit for mergers;

3) A “dispute process design service”, to assist users to develop processes to manage disputes

4) Offer online dispute resolution services; and

5) Establish a professional body to certify mediators, enforce ethics, and oversee continuing professional development.

The SICC is set to open in early 2015, and will target cases such as cross-border commercial transactions which are governed by foreign law.

The Court will be established as a division of the Singapore High Court, and part of the Supreme Court of Singapore.  Aside from Singapore law, parties will be able to make submissions on any law.

The Singapore International Commercial Court will be available to parties who agree to use the SICC post-dispute, to parties who have agreed under a contract to give the SICC jurisdiction of any disputes arising out of the contract, and will even be able to receive cases transferred without consent by The Chief Justice of the Singapore High Court.  SICC decisions will be appealable to a Court of Appeal, except for when parties have contractually excluded the right to do so.

The increase in commercial transactions in Asia entails an increase in the number and complexity of cross-border disputes, making the SIMC and SICC a good opportunity to satisfy the need in the international business community for neutral venues to efficiently handle disputes. 

Written by: Athena Poysky        

Source: http://www.lexology.com/library/detail.aspx?g=f9e84515-8467-42e3-a703-6c94c11f3fb2

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