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Consider the following statements about Singapore International Arbitration Centre(SIAC):
1. It is a not-for-profit international arbitration organization.
2. It administers arbitrations under its own rules of arbitration only.
Which of the statements given above is/are correct?
- a)2 only
- b)1 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'B'. Can you explain this answer?
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Consider the following statements about Singapore International Arbitr...
It is a not-for-profit international arbitration organisation based in Singapore, which administers arbitrations under its own rules of arbitration and the United Nations Commission on International Trade Law (UNCITRAL) Arbitration Rules.
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Consider the following statements about Singapore International Arbitr...
Statement 1: It is a not-for-profit international arbitration organization.
Singapore International Arbitration Centre (SIAC) is indeed a not-for-profit international arbitration organization. It was established in 1991 as an independent and neutral institution for the resolution of commercial disputes. SIAC's primary objective is to provide a reliable and efficient dispute resolution mechanism for parties involved in international commercial disputes.
Statement 2: It administers arbitrations under its own rules of arbitration only.
This statement is incorrect. While SIAC does administer arbitrations under its own rules of arbitration, it also administers arbitrations under other rules. SIAC is known for its flexibility and ability to administer a wide range of arbitration cases, including those conducted under other institutional rules such as the ICC, UNCITRAL, and the LCIA.
Explanation:
SIAC is a leading international arbitration center based in Singapore. It provides a neutral and efficient platform for the resolution of international commercial disputes. Here is a detailed explanation of each statement:
Statement 1:
SIAC is a not-for-profit organization, meaning that its primary objective is not to generate profits but to provide a reliable and efficient dispute resolution mechanism. Being a not-for-profit organization ensures that SIAC remains independent and impartial in its arbitration proceedings.
Statement 2:
SIAC administers arbitrations not only under its own rules but also under other institutional rules. The SIAC Rules are a set of comprehensive and modern arbitration rules that govern the arbitration proceedings administered by SIAC. However, SIAC is also capable of administering arbitrations under other institutional rules, providing parties with flexibility and choice in their arbitration proceedings.
In addition to administering arbitrations, SIAC also provides various other services such as acting as an appointing authority for the appointment of arbitrators, facilitating emergency arbitrations, and offering mediation services. SIAC's international reputation and track record have made it a preferred choice for parties seeking efficient and effective dispute resolution in the Asia-Pacific region.
Overall, the correct answer is option 'B' - only statement 1 is correct. SIAC is a not-for-profit international arbitration organization, but it administers arbitrations not only under its own rules but also under other institutional rules.
Singapore International Arbitration Centre (SIAC) is indeed a not-for-profit international arbitration organization. It was established in 1991 as an independent and neutral institution for the resolution of commercial disputes. SIAC's primary objective is to provide a reliable and efficient dispute resolution mechanism for parties involved in international commercial disputes.
Statement 2: It administers arbitrations under its own rules of arbitration only.
This statement is incorrect. While SIAC does administer arbitrations under its own rules of arbitration, it also administers arbitrations under other rules. SIAC is known for its flexibility and ability to administer a wide range of arbitration cases, including those conducted under other institutional rules such as the ICC, UNCITRAL, and the LCIA.
Explanation:
SIAC is a leading international arbitration center based in Singapore. It provides a neutral and efficient platform for the resolution of international commercial disputes. Here is a detailed explanation of each statement:
Statement 1:
SIAC is a not-for-profit organization, meaning that its primary objective is not to generate profits but to provide a reliable and efficient dispute resolution mechanism. Being a not-for-profit organization ensures that SIAC remains independent and impartial in its arbitration proceedings.
Statement 2:
SIAC administers arbitrations not only under its own rules but also under other institutional rules. The SIAC Rules are a set of comprehensive and modern arbitration rules that govern the arbitration proceedings administered by SIAC. However, SIAC is also capable of administering arbitrations under other institutional rules, providing parties with flexibility and choice in their arbitration proceedings.
In addition to administering arbitrations, SIAC also provides various other services such as acting as an appointing authority for the appointment of arbitrators, facilitating emergency arbitrations, and offering mediation services. SIAC's international reputation and track record have made it a preferred choice for parties seeking efficient and effective dispute resolution in the Asia-Pacific region.
Overall, the correct answer is option 'B' - only statement 1 is correct. SIAC is a not-for-profit international arbitration organization, but it administers arbitrations not only under its own rules but also under other institutional rules.
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Consider the following statements about Singapore International Arbitration Centre(SIAC):1. It is a not-for-profit international arbitration organization.2. It administers arbitrations under its own rules of arbitration only.Which of the statements given above is/are correct?a)2 onlyb)1 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?
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