ARTICLE · 13 DECEMBER 2023

SIAC's New Streamlined Procedure For Arbitration Based On Quantum Of Claims: Overview And Comparison

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A common challenge defying the global Arbitration regime is not how to resolve multimillion-dollar cases, but rather how to settle disputes for less than $1 million USD in a timely and cost-effective manner.

IndiaLitigation, Mediation & Arbitration

Sonal Kumar Singh

Obhirup Ghosh

Sidhika Dwivedi

A common challenge defying the global Arbitration regime is not how to resolve multimillion-dollar cases, but rather how to settle disputes for less than $1 million USD in a timely and cost-effective manner. Recently, the Singapore International Arbitration Centre ("SIAC") published the Draft of the 7th Edition of Arbitration Rules of the SIAC ("Draft Rules") for public consultation, intending to "raise the bar on efficiency, expedition, and cost-effectiveness".

One of the modifications among many is the proposal for a Streamlined Procedure for time-effective adjudication of claims under $1 million SGD (approx. $740,000 USD or ₹.6 Crores INR).

I. UNIQUE FEATURES OF THE STREAMLINED PROCEDURE UNDER THE DRAFT RULES:

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