Singapore International Arbitration Centre Opens Office in New York
In a blog post for the American Bar Association, associate Shin Hahn discusses the importance of the Singapore International Arbitration Centre (“SIAC”) opening its first office outside of Asia in New York on December 3, 2020. SIAC will be the first Asia-based arbitral institution to open its office in New York, taking the leap to become a global institution and joining other well-regarded institutions in the Americas such as the International Chamber of Commerce and the International Centre for Dispute Resolution. SIAC’s presence in New York is significant in that it can assist in promoting diversity within the arbitration community in the U.S. SIAC is an extremely diverse institution and its presence in the Americas may increase diversity within the arbitration community in the U.S. by bringing a diverse panel of arbitrators and counsels who have experience with SIAC.
SIAC presents a couple of advantages as an arbitral institution. The SIAC rules permit expedited procedures where a final award is issued within six months of the constitution of the tribunal as well as an “Emergency Arbitrator” procedure whereby an Emergency Arbitrator is appointed to hear applications for urgent interim relief prior to the constitution of the tribunal. The SIAC rules also offer a procedure for the early dismissal of claims and defenses. Parties may make an application for such early dismissal of a claim or defense if a claim or defense is manifestly without legal merit or manifestly outside the jurisdiction of the tribunal.