- What is Arb-Med-Arb?
- Why Arb-Med-Arb?
What is Arb-Med-Arb?
Parties who have signed an arbitration agreement and/or have commenced arbitration may wish to refer their dispute to mediation, either before they commence arbitration or in the course of the arbitration.
If the parties to an arbitration agreement refer their dispute to mediation as a first means of resolving their dispute, this is commonly referred to as “Med-Arb, as arbitration commences in the event mediation does not result in settlement.
“Arb-Med-Arb is a process where a dispute is referred to arbitration before mediation is attempted. If the parties are able to settle their dispute through mediation, their mediated settlement may be recorded as a consent award. If the parties are unable to settle their dispute through mediation, they may continue with the arbitration proceedings.
Under the SIAC-SIMC Arb-Med-Arb Protocol, the arbitrator(s) and the mediator(s) will be separately and independently appointed by SIAC and SIMC, respectively, under the applicable arbitration rules and mediation rules of each Centre. Unless the parties otherwise agree, the arbitrator(s) and the mediator(s) will generally be different persons.
For more information about the Singapore International Arbitration Centre (SIAC), please visit www.siac.org.sg.
Arb-Med-Arb is a flexible and efficient form of alternative dispute resolution. It combines the advantages of confidentiality and neutrality with enforceability and finality.
Both arbitration and mediation proceedings are confidential and can be conducted by a neutral third party at the parties venue of choice.
A settlement agreement obtained through the Arb-Med-Arb process may be made a consent award. The consent award is generally accepted as an arbitral award, and, subject to any local legislation and/or requirements, is generally enforceable in approximately 150 countries under the New York Convention.
Parties can achieve finality whether through the mediation process or arbitration process.