The SIAC Rules 2010 And The KLRCA Arbitration Rules 2012: Some observations on the key differences

Background

The necessity of resolving commercial disputes through an effective method of dispute resolution has become increasingly pronounced in light of the rapid growth in crossborder commercial transactions.

The use of arbitration as a dispute resolution mechanism has become an increasingly attractive means to resolving commercial disputes as it offers parties a confidential and, at times, a less confrontational process which may be rarely found in the adversarial system of litigation in the courts. The arbitral process offers flexibility and party autonomy, and the confidentiality of proceedings is attractive to commercial entities who value long term commercial relationships with each other beyond the dispute at hand.