New SIAC Statistics Helpful When Negotiating Arbitration Clauses

Within just 15 years, the Singapore International Arbitration Centre (SIAC) has become a reputable arbitration institute that is often taken into consideration when concluding arbitration clauses for contracts relating to Asia. Parties negotiating arbitration clauses can now make good use of the statistics published by the SIAC on 25 February 2016. Parties seeking to include SIAC arbitration in their contract can point to the continued strong growth in case numbers and the considerable value at stake in SIAC arbitrations. Depending on the specific contract at issue, parties seeking to include arbitration at, for example, the International Chamber of Commerce (ICC) may point out that the average amount in dispute at the SIAC is still significantly lower than in ICC arbitration and that only 10% of SIAC arbitrations relate to civil law contracts (60% are under Singapore law). But parties should in our view not attach too much importance to the choice between ICC and SIAC