Asia Update - Singapore International Arbitration Centre (SIAC) Rules 2010

Following hot on the heels of modernising amendments made to Singapore's International Arbitration Act ("IAA") at the beginning of last year¹, the SIAC published a new set of rules earlier last summer² (the "Rules"). Adopting a similar theme to that of the revised IAA, the new Rules have been amended with a view to reflecting current international arbitral practice, in particular in order to improve the speed and efficiency of arbitration in Singapore. The principal amendments are:

• Expedited Procedure³
  
  Provided the SIAC Chairman agrees, in cases where (i) the amount at stake does not exceed SGD 5 million (i.e. about GBP 2.5 million); or (ii) all parties agree; or (iii) where there are exceptional circumstances; the time limits under the Rules may be shortened and the case may be determined by a sole arbitrator who is only required to state reasons in summary form. Where the expedited procedure applies, an award must be made within six months from appointment of