Singapore International Arbitration Centre to open Representative Office at GIFT City

Jun 3, 2016 14:25 IST

Singapore International Arbitration Centre (SIAC) in June 2016 signed a Memorandum of Agreement (MoA) with Gujarat International Finance Tec-City Company Limited (GIFTCL) and GIFT SEZ Limited (GIFT SEZ) to establish a representative office in India.

The representation office will be located in the Gujarat International Finance Tec-City (GIFT City). The center will be instrumental in resolving international commercial disputes. It will also promote SIAC's arbitration services to Indian users.

Highlights of the Memorandum of Agreement (MoA)

• The signatories will collaborate to promote the use of arbitration, mediation, and other dispute resolution mechanisms.

• The mechanisms include the Arb-Med-Arb service, which is a process where a dispute is first referred to arbitration before mediation is attempted.

• SIAC and the Singapore International Mediation Centre (SIMC) will collaborate with the Indian companies to resolve international commercial disputes in India's International Financial Services Centre in GIFT-City (IFSC-GIFT).

About International Arbitration Centre (IAC)

• IAC is a centre where the disputes are handled that arises due to commercial agreements in sectors like insurance, shipping, construction, private equity and other trades.

• Arbitration is a form of alternative dispute resolution (ADR). It is a technique for the resolution of disputes outside the courts.

• Since they are different from litigations, they turn up to be less time taking and are done in private between the lawyers representing the aggrieved parties.

• The parties to a dispute refer it to arbitration agree to be bound by the arbitration decision.

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