Changes to SIAC Arbitration Rules

The Singapore International Arbitration Centre (SIAC) has released a revision of its SIAC Arbitration Rules (SIAC Rules). This is the first major revision of the SIAC Rules since 2007. The revised SIAC Rules took effect on 1 July 2010 and will apply to any arbitration commenced under SIAC Rules on or after 1 July 2010, unless the parties expressly agreed otherwise.

The changes include:

• Expedited arbitration procedure (Rule 5) upon application of a party if any of the following conditions is fulfilled: (a) the amount in dispute is below S$5million; (b) in cases of exceptional urgency; or (c) if the parties agree.
• Under the expedited procedure the arbitrator shall make an award within six months from the constitution of the tribunal. Reasons of the award may be in "summary form" under the expedited procedure.