What does SICC mean in LAW & LEGAL
SICC stands for Singapore International Commercial Court. It is a specialized court within the Supreme Court of Singapore that handles complex commercial disputes involving international parties.
SICC meaning in Law & Legal in Governmental
SICC mostly used in an acronym Law & Legal in Category Governmental that means Singapore International Commercial Court
Shorthand: SICC,
Full Form: Singapore International Commercial Court
For more information of "Singapore International Commercial Court", see the section below.
What is the SICC?
The SICC was established in 2015 as an independent division of the Supreme Court of Singapore. It is designed to provide a neutral and efficient forum for resolving cross-border commercial disputes. The SICC has its own set of rules and procedures, which are tailored to the needs of international businesses.
Jurisdiction of the SICC
The SICC has jurisdiction over commercial disputes that meet the following criteria:
- The dispute must involve a substantial international element.
- The dispute must be valued at least S$250,000.
- The parties must agree to submit the dispute to the SICC.
Advantages of the SICC
The SICC offers a number of advantages for parties involved in international commercial disputes, including:
- Expertise: The SICC judges are highly experienced in international commercial law.
- Neutrality: The SICC is an independent court that is not subject to the influence of any particular jurisdiction.
- Efficiency: The SICC has a streamlined procedure that allows for disputes to be resolved quickly and efficiently.
- Enforceability: SICC judgments are enforceable in Singapore and in other jurisdictions that have signed the Hague Convention on Choice of Court Agreements.
Essential Questions and Answers on Singapore International Commercial Court in "GOVERNMENTAL»LAW"
What is the Singapore International Commercial Court (SICC)?
The SICC is a specialist court within the Singapore High Court that handles complex commercial disputes of an international nature. It was established to provide a neutral and efficient forum for the resolution of cross-border commercial disputes.
What types of disputes does the SICC handle?
The SICC has jurisdiction over a wide range of commercial disputes, including disputes arising from international contracts, sale of goods, shipping, insurance, banking, and intellectual property. The court also has the authority to hear appeals from the Singapore International Arbitration Centre (SIAC).
Who can access the SICC?
The SICC is open to parties from all over the world. However, the court will only accept cases that have a sufficient connection to Singapore, such as cases where the contract was signed in Singapore or the subject matter of the dispute is located in Singapore.
What are the benefits of using the SICC?
The SICC offers a number of benefits for parties involved in commercial disputes, including:
- A specialist court with judges who have expertise in international commercial law
- A streamlined and efficient procedure that is designed to resolve disputes quickly and cost-effectively
- A neutral forum that is not subject to the laws of any particular country
- The ability to enforce judgments in multiple jurisdictions through the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards
How do I start a case in the SICC?
To start a case in the SICC, you will need to file an originating application with the court. The application must include a statement of claim and a supporting affidavit. The court will then issue a summons to the defendant, who will have a certain amount of time to file a defense.
Final Words: The SICC is a valuable resource for parties involved in international commercial disputes. Its expertise, neutrality, efficiency, and enforceability make it an attractive option for resolving cross-border commercial disputes.
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