The Singapore International Arbitration Centre (SIAC) has opened an office in the International Financial Services Centre, Finance Tec-City (GIFT IFSC) in Gujarat. According to SIAC, it is the second representative office in India after the Mumbai one, which was established in 2013. SIAC, Gujarat International Finance Tec-City Company Ltd (GIFTCL) and GIFT SEZ had signed a memorandum of agreement last year. Lim Seok Hui, SIAC chief executive, said: "SIAC greatly values its Indian users who have contributed significantly to the success of SIAC as one of the world's premier arbitral institutions." Ajay Pandey, MD and group CEO of GIFTCL, said, "We believe SIAC will provide a neutral and independent dispute resolution platform to parties, enabling them to undertake large international financial transactions from GIFT IFSC." GIFT companies will also start adopting SIAC's model clause as their preferred dispute resolution clause for international contracts exceeding a certain value.
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