The Singapore International Arbitration Centre (SIAC) will establish a representative office at the Gujarat International Finance Tec-City (GIFT City) to resolve international commercial disputes.
An international arbitration centre or IAC is a centre where disputes arising out of commercial agreements from sectors like insurance, shipping, construction, private equity and other trades are handled. Arbitration is different from court litigation and is typically less time-consuming as it is done in private between the lawyers representing the aggrieved parties.
SIAC has signed a Memorandum of Agreement (MOA) with Gujarat International Finance Tec-City Company Limited (GIFTCL) and GIFT SEZ Limited (GIFT SEZ), according to statement issued by GIFT City.
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As per the terms of the agreement, GIFTCL, GIFT SEZ and SIAC will collaborate to promote the use of arbitration, mediation and other dispute resolution mechanisms, including the innovative 'Arb-Med-Arb' service offered by the SIAC and the Singapore International Mediation Centre (SIMC), according to the statement.
Further, SIAC will establish a representative office at GIFT City to promote its international arbitration services to Indian users. Indian parties are among the top five foreign users of SIAC in the last five years. It was the top foreign user of SIAC in 2013 and 2015.