Singapore is fast becoming popular, even for foreign firms, to enter into arbitration to resolve disputes out of court.
To strengthen Singapore's competitive edge as a leading arbitration hub, the Ministry of Law (MinLaw) is proposing several amendments to the International Arbitration Act (IAA):
- Relax written requirement rule for arbitration agreements
IAA will be extended to agreements concluded by any means (orally, by conduct, etc.) as long as their content is recorded in any form (e.g. audio recording).
- Allow Singapore courts to review negative jurisdictional rulings by arbitration tribunals
Our courts will be allowed to review decisions made by tribunals, even in cases where the tribunal decides it has no jurisdiction.
- Define the scope of arbitration tribunals' powers to award interest
MinLaw plans to clearly define the scope of these powers to grant simple or compound interest on:
- monies claimed in arbitration, and
- orders for one party to pay the other party's legal costs
- Provide legislative support for the appointment of emergency arbitrators
The proposed amendment will ensure that orders made by emergency arbitrators before an arbitration tribunal are enforceable under IAA.
MinLaw invites interested parties to feedback on the proposed changes from 21 October - 21 November 2011.
Send your feedback to MinLaw by post, fax or email:
Legal Policy Division
Ministry of Law
100 High Street
#08-02, The Treasury
Singapore 179434
Email: MLAW_Consultation@mlaw.gov.sg
Fax: (65) 6332 8842
