Singapore International Arbitration Centre signed MoA to open Representative Office in India
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.