The Singapore International Arbitration Centre (SIAC) has opened a representative office in Gujarat, India, its second in the country.
The new office is located in the International Financial Services Centre in Gujarat International Finance Tec-City (GIFT IFSC). Its establishment was part of an agreement signed last year between the SIAC, Gujarat International Finance Tec-City Company Limited (GIFTCL) and GIFT SEZ Ltd.
As part of the deal, GIFT companies will also begin adopting SIAC’s model clause as their preferred dispute resolution clause for international contracts surpassing a certain value.
“Opening a second SIAC office in India in GIFT IFSC will allow SIAC to participate in GIFT’s economic development through the provision of a world-class dispute resolution mechanism to businesses and investors within GIFT IFSC, and will deepen SIAC’s existing ties with the legal and business communities in India,” said SIAC CEO Lim Seok Hui in a statement.