Page 4 - SMSG1718_V3

32 Maxwell Road | #02-14 Maxwell Chambers | Singapore 069115 Tel: 65 6324 0552 | E: mail@scma.org.sg | W: www.scma.org.sg
Singapore is a leading International Maritime Centre and global trading hub that is home to a comprehensive maritime ecosystem of over 5,000 establishments and 400 trading firms. The growth of the maritime and international trade industries has been accompanied by the rise of Singapore as a centre for dispute resolution.
As a leading venue for international arbitration, Singapore’s courts provide a high level of support for arbitration with minimum intervention. SCMA’s vision is to be the seat of choice for global maritime and international trade arbitration.
Why Choose SCMA?
SCMA’s distinctive features include:
Flexible, Non-Administered Model
As a non-administered model, SCMA is not involved in the management of the arbitration process. The non-administered approach is preferred by the global shipping and trading communities and allows parties the time and flexibility to manage their cases.
Panel of Maritime Expertise
SCMA has one of the largest panels of specialized maritime arbitrators in Asia. SCMA’s arbitrators are of diverse nationalities and jurisdictions, who can conduct hearings and render awards in different languages. Although not mandatory, parties may choose to appoint an arbitrator from SCMA’s panel.
Cost-Effectiveness
SCMA does not charge administration fees nor is there a mandatory scale of arbitrators’ fees. Parties may agree upon rates with the arbitrator.
Usability
Singapore is listed as one of the three seats of choice for arbitration in BIMCO’s dispute resolution clause, the NYPE Time Charter Party of 2015 and Singapore Ship Sale Form. If Singapore is selected as the seat, SCMA Rules will become applicable. Parties have the option to choose either English or Singapore Law as the governing law.
Rules that Reflect the Needs of the
Users
SCMA’s rules are simple and kept current with feedback from the industry. This ensures that they are relevant and responsive to the needs of the users. Some of the latest features of our rules include the Arb-Med-Arb Clause, Small Claims Procedure for claims under the sum of USD 150,000, Singapore Bunker Claims Procedure and the SCMA Expedited Arbitral Determination of Collision Claims.
Enforceable and Final Awards
Singapore is a signatory to the 1958 New York Convention. Arbitral awards issued in Singapore are therefore enforceable in over 150 UN Member States. Under the Reciprocal Enforcement of Commonwealth Judgements Act, arbitral awards issued in Singapore are also enforceable in certain Commonwealth jurisdictions. Awards are final and binding, with no right of appeal.
Inclusive Membership Base
Membership of the SCMA is open to companies and individuals from all sectors of the maritime and international trade communities. Members take an active role and provide feedback to ensure SCMA remains responsive to industry needs.
2