4th Edition of the SIAC Rules published
The Singapore International Arbitration Centre ("SIAC") has published the 4th edition of its Rules, effective from 1 July 2010. The Rules can be found on SIAC's website here.
The principal changes from the previous edition of the Rules, published in 2007, include:
- The introduction of a new Expedited Procedure for cases with a value below S$5,000,000 (approx US$3,600,000), or cases of exceptional urgency. Where the SIAC Board Chairman (or his Deputy) determines that the Expedited Procedure should apply, the SIAC Registrar (or his Deputy) may shorten any time-limits under the Rules, the case will be referred to a sole arbitrator unless the Chairman determines otherwise, and the Tribunal need only state the reasons for its award in summary form. Unless there are exceptional circumstances, the award is to be made within 6 months from constitution of the Tribunal. (Article 5 of the 2010 Rules)
- The introduction of a new Emergency Arbitrator procedure to assist parties who require emergency relief before the constitution of a Tribunal. The Emergency Arbitrator would be appointed by the SIAC Chairman (or his Deputy) within one business day of receipt of a relevant application from a party, and within two business days of his appointment, the Emergency Arbitrator would be required to establish a schedule for consideration of the party's application. The Emergency Arbitrator would have the power to order or award any interim relief he deems necessary. Such award could be revisited by the Tribunal, and in any event would cease to be binding on the parties if a Tribunal is not constituted within 90 days of his order or award being made or when the Tribunal makes a final award or if the claim is withdrawn. (Article 26 and Schedule 1 of the 2010 Rules)
- The removal of the requirement for a Memorandum of Issues signed by the parties and the Tribunal to define the issues for decision in the award (Article 17 of the 2007 Rules)
- The transfer of certain powers from the Registrar to the Tribunal, including the power to determine the seat of the arbitration where the parties do not agree this between themselves. (Article 18 of the 2010 Rules)