Singapore International Arbitration Centre to open Representative Office at GIFT City
Posted on:03 Jun 2016 17:58:44
03 June 2016 Current Affairs GK: Singapore International Arbitration Centre (SIAC) in June 2016 signed a Memorandum of Agreement (MoA) with Gujarat International Finance Tec-City Company Limited (GIFTCL) and GIFT SEZ Limited (GIFT SEZ) to establish a representative office in India.
The representation office will be located in the Gujarat International Finance Tec-City (GIFT City). The center will be instrumental in resolving international commercial disputes. It will also promote SIAC's arbitration services to Indian users.
Highlights of the Memorandum of Agreement (MoA) : The signatories will collaborate to promote the use of arbitration, mediation, and other dispute resolution mechanisms.The mechanisms include the Arb-Med-Arb service, which is a process where a dispute is first referred to arbitration before mediation is attempted.SIAC and the Singapore International Mediation Centre (SIMC) will collaborate with the Indian companies to resolve international commercial disputes in India's International Financial Services Centre in GIFT-City (IFSC-GIFT).
International Arbitration Centre (IAC) : IAC is a centre where the disputes are handled that arises due to commercial agreements in sectors like insurance, shipping, construction, private equity and other trades.Arbitration is a form of alternative dispute resolution (ADR). It is a technique for the resolution of disputes outside the courts.Since they are different from litigations, they turn up to be less time taking and are done in private between the lawyers representing the aggrieved parties.The parties to a dispute refer it to arbitration agree to be bound by the arbitration decision.
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