Lately, there has been a heightened awareness in the commercial world that arbitration can be a good alternative to litigation as a means of dispute resolution. This is evidenced not only by the jump in the number of newspaper reports that have been published in the past few years, but there was even a television programme in 1995 on the topic of whether arbitration is a good means of dispute resolution.
The objective of this paper is to explore and explain what arbitration is all about, especially its technical aspects and the mechanism behind it.
This project first give readers a general idea of what arbitration is. This is followed by a general comparison with litigation before going into the technical issues of how arbitration works. This is supported by several cases which can be found in chapter four.
Interviews were conducted with the prominent figures in the arbitration scene in Singapore to enhance the credibility of this paper.
The paper concludes that arbitration is fast gaining ground in the last three to four years in the area of dispute resolution. This is evidenced by the ever rising number of arbitration cases handled by the Singapore International Arbitration Centre(SIAC), from a meagre two cases in 1991 to fifty-one cases by the end of 1995. The authors then evaluated Singapore’s status as an international arbitration centre in the past and present. With the setting up of the SIAC in 1991, Singapore has taken a giant step towards formalising the process of arbitration in Singapore. This has enhanced its status in the arbitration scene.
Presently, we have to strive harder to continue to build up Singapore’s image of an efficient and effective centre by providing the necessary facilities, which the authors think that the SIAC has been doing a fabulous job. As regards to the future, we are confident that Singapore, with its strong financial infrastructure, will be able to establish herself as one of the top arbitration centres in the world.ACCOUNTANC
