The International Arbitration Act in Singapore
The Singapore Business Federation (the SBF) has made proposals for establishing the new arbitration group which will provide the method of appointing the arbitrators by default under the multi-party situations. It will allow the parties for requesting the arbitrators to decide the jurisdictions and recognition that the arbitral tribunal can encourage enforcement of confidentialtiy in the proceedings.
The Ministry of Law (the MOL) in Singapore issued a pubic consultation platform in order to seek views to the proposals for amending the International Arbitration Act (the IAA). The changes are as under:
- Default appointment of arbitrators
- Allowing parties under mutual agreement to decide on the jurisdiction
- Enforcement of confidentiality in arbitration
On the other hand, the SBF, also called the International Chamber of Commerce (the ICC) Singapore, has established the new group with the intention of promoting the interests of the business community in Singapore, to create a global arbitration and dispute resolution center
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