As we look forward to convening in Singapore on 17/18 March at the inaugural Global Pound Conference, the World Bank Group's flagship report Doing Business 2016 has found Singapore to be the best jurisdiction worldwide on its quality of judicial processes index. The report cites Singapore as having the shortest time recorded worldwide for resolving a commercial dispute through the courts (at an average 150 days and a cost of 25.8% of claim value).
Of course, the World Bank's figures regarding the efficiency of litigating in Singapore likely pale compared to the time and cost savings ADR offers businesses operating there. For information on ADR in Singapore, download our latest guide.
Globally, the World Bank found that the most common feature in reforming contract enforcement throughout the world in the past year was the implementation of ADR mechanisms. The findings, based on data gathered across 189 economies, reinforce a 2014 EU-wide study suggesting that the average time taken to mediate a basic commercial dispute in the EU is 43 days, compared with 566 days – and an average 60% higher cost – of litigating it.
For information about the GPC conference in Singapore, and to register to attend, see our previous blog post here.