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Singapore International Arbitration Centre (SIAC) in GIFT City

GIFT City,Gandhinagar To Have An Office Of Singapore International Arbitration Centre (SIAC) 

SIAC in GIFT City , Gandhinagar

Singapore International Arbitration Centre (SIAC) in GIFT City 


 
The Gujarat International Finance Tec-City also  known as GIFT city has signed a memorandum of agreement with Singapore International Arbitration Centre (SIAC) on Thursday to offer arbitration and commercial disputes resolution services to companies situated at the International Financial Services Center (IFSC) .
IFSC is being set up GIFT Special Economic Zone (GIFT SEZ) at Gandhinagar , the capital of  Gujarat in India. 
Singapore International Arbitration Centre (SIAC) is opening an office in GIFT City due to the following three factors :
i) Indian companies are amongst top 5 foreign users of SIAC,
 
ii) Indian and international businesses in the IFSC-GIFT can prefer SIAC as their preferred mode of dispute resolution and 
 
iii) Success of an Indian IFSC also requires an efficient dispute resolution mechanism.
This agreement will result a collaboration of  GIFT SEZ and Singapore International Arbitration Centre (SIAC) to promote the use of arbitration in SIAC centre in GIFT City . It will also promote mediation, and other dispute resolution mechanisms, including the innovative Arb-Med-Arb service .
It is pertinent to note that Arb-Med-Arb is a service wherein a dispute is first referred to arbitration before any attempt of mediation

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