What is a commercial dispute? Trade disputes or commercial disputes are the processes that allow victims to resolve their differences. If communication between parties is lost, the court considers it a “last resort,” and a commercial dispute involves a commercial transaction or settlement of transactions. This is a highly formalized process that can be performed between businesses, individuals, or both. Let us discuss what the common commercial dispute in Singapore is.
- Contract disputes, including breach of contract and the delivery failure
- Competitive dispute – Usually, business disputes between shareholders, directors, and other seniors
- Professional bankruptcy
- Professional and commercial negligence
- Conflict outsourcing
- Construction disputes, including contract, construction, and regulatory issues
- Partnership dispute – Reputation management, including counterclaims, defamation, and NDA violations
- Disputes over patents and intellectual property
Let us look at a few options to resolve these disputes other than litigation.
Singapore international commercial court
The new Singapore International Commercial Court (SICC) officially opened on January 5, 2015. SICC aims to be the center of Asia for resolving international trade disputes, especially international banking and financial disputes.
Singapore has been a thriving regional center for international arbitration for some time, but financial institutions have traditionally opposed arbitration and preferred proceedings as the preferred method of dispute resolution. Therefore, SICC could be attractive to financial institutions as a new forum for international banks and financial disputes. SICC usually has jurisdiction through contractual forum clauses. Still, the Singapore High Court will transfer the case to SICC ex officio if “it is more appropriate to hear it in court.” You can order.
This is another method to solve commercial disputes singapore. Commercial arbitration is an alternative dispute resolution (ADR) agreed by the parties involved in a commercial dispute. It allows you to bring your dispute before a private arbitrator to evaluate your case on behalf of a judge.
Let us look at why this method is chosen over litigation
Arbitration is often cheaper, faster, and more private than litigation, so it is often more beneficial to both parties involved.
- Arbitration is beneficial if both parties reside in different countries. This is because both parties are offended by another country’s court system, which may have different jurisdictions. Prioritize arbitrators with professional experience in disputes
- An arbitrator with the appropriate technical expertise can understand the technical evidence and significantly reduce the time to resolve a dispute. Demand confidentiality and privacy
- Some clients, especially listed companies, are concerned about the following (litigation) news: B. Possibility of falling stock prices. Arbitration is recommended because it is private and usually not reported in the news. In addition, the parties to the arbitration and the arbitrator shall maintain confidentiality regarding matters relating to the arbitration.