Page 21 - SINGAPORE: Gateway to Dispute Resolution

SINGAPORE ARBITRATION SIAC SCMA MEDIATION MAXWELL SICC SINGAPORE AN OVERVIEW OF CHAMBERS LAW SINGAPORE LAW
Choosing Singapore Law
Common law roots
While Singapore has developed its own legal jurisprudence and has adopted the best practices of other jurisdictions, the fact that Singapore law has its roots in English law means that many common law concepts and theories continue to apply in Singapore today. In practical terms, this can be seen in the form and drafting of Singapore law contracts, which are very similar to their English law equivalents. Parties who are familiar with English law contracts will therefore find Singapore law contracts easy to navigate.
Popularity of Singapore law in cross-border transactions
Singapore law is frequently chosen by contracting parties to govern their transactions even where neither the parties nor the transaction have any connection to Singapore. Adoption of Singapore law is on the rise in cross-border transactions in Asia, as more parties are choosing a neutral Asian governing law where previously a non-Asian choice might have been the default option. Singapore’s increasing popularity as a venue for international dispute resolution has also led to more commercial parties choosing Singapore law for greater convenience and simplicity of execution.
Transparent, neutral and predictable
The legal process in Singapore is fair and transparent, with reliable and predictable results. As a common law jurisdiction, Singapore’s laws retain the commercial strengths and stability of that legal tradition.
Modern and relevant
Responsive to changing global commercial practices, Singapore’s jurisprudence and legislation maintain a strong internationalist outlook, continuing to absorb and modify the common law as well as best practices from other mature legal systems and international Model Laws.
Cost
Legal costs in Singapore are generally lower than those in other major legal centres such as London or New York.
Enforceability of Singapore court judgments and awards
Judgments of Singapore’s superior courts are enforceable through registration in the following jurisdictions: Australia, Brunei Darussalam, Hong Kong, India (except for the State of Jammu and Kashmir), Malaysia, New Zealand, Pakistan, Papua New Guinea, Sri Lanka, the United Kingdom and Windward Islands2, as well as more generally through common law principles of comity.
Separately, the enforceability of Singapore court judgments has been further enhanced by Singapore’s recent ratification of the Hague Convention on Choice of Court Agreements. The European Union and Mexico have also ratified the Convention, while the United States of America and the People’s Republic of China are currently signatories.
Singapore is also a member to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the 1958 New York Convention). As such, arbitration awards issued in Singapore are enforceable in over 150 Convention countries.
1 The superior courts of Singapore comprise the Court of Appeal and the High Court (including the Singapore International Commercial Court, which is a division of the High Court). The Court of Appeal is the apex court.
2 These jurisdictions are, like Singapore, formally part of the Commonwealth. Judgments from the superior courts of these jurisdictions are enforceable in Singapore through Singapore’s Reciprocal Enforcement of Commonwealth Judgments Act (Cap. 264); Reciprocal Enforcement of Foreign Judgments Act (Cap. 265), and judgments from Singapore enjoy similar, reciprocal treatment.