Arbitration In IndiaSingapore International Arbitration Centre (SIAC) in GIFT City

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

 

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