Its convenient location, judicial support and transparent system make it attractive to firms
A YEAR on from the dramatic collapse of Lehman Brothers, many companies have treaded through the times of uncertainty and are now assessing the effects of the economic downturn on their businesses.
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| Familiarity factor: From the perspective of regional players, Singapore, both as a place of doing business and as an economic partner in the region, is sufficiently familiar to MNCs so that they are comfortable with resolving their disputes here |
This has led to an increase in appetite to bring or contest commercial disputes, a mood that has displaced a collective hesitancy to expend resources on existing or prospective litigation and arbitration. As a consequence, Singapore is witnessing an increase in the volume of international arbitrations that shows no sign of abating.
Singapore enjoys a reputation for being one of the leading centres for international arbitration in South-east Asia. In a region where doubts continue to linger about whether the local courts can be relied on for swift and transparent enforcement of contractual rights, Singapore stands as a beacon due in no small part to its long-standing reputation and association with transparent business processes and international best practices. It is therefore of no surprise that many international companies seek to resolve their disputes within the region by way of arbitration in Singapore. From the perspective of regional players, Singapore, both as a place of doing business and as an economic partner in the region, is sufficiently familiar to them so that they are comfortable with resolving their disputes in the Singapore.
Enforceability of awards
International arbitration in Singapore is therefore attractive to both multinational companies and regional companies because of the transparency of the Singapore system as well as the promise of near global enforceability of arbitration awards. Continue reading
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