The Baltic and International Maritime Council (Bimco) has recognised Singapore as an official seat of arbitration to represent the Asia region, alongside other established maritime cities of London and New York, Seatrade Asia online reports.
Singapore's inclusion will be made to the existing Bimco Standard Dispute Resolution Clause which will appear in all new and revised Bimco contracts.
The inclusion of Singapore as a new arbitration venue also allows the Dispute Resolution Clause to now cover three geographical regions – Asia, Europe and the Americas, with arbitration clauses for Singapore, London and New York.
The fourth 'open' option will remain in the Dispute Resolution Clause, allowing parties to agree on other arbitration venues and applicable laws to suit their specific local requirements.
“The Singapore Maritime Foundation (SMF) will continue to nurture the closely-knit tripartite partnership between the authorities, the maritime community and the shipping associations and strive towards our shared vision to facilitate maritime dispute resolution in Singapore,” said Michael Chia, chairman of SMF.
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