The Oral Arbitration Agreement is utilized when parties have verbally agreed to resolve disputes through arbitration but need to formalize this arrangement under Singapore law. This document becomes essential in situations where written agreements are not immediately practical or where verbal agreements need subsequent documentation. The agreement must comply with Singapore's International Arbitration Act and includes provisions for confirming the oral agreement, specifying the scope of arbitration, and establishing the arbitration process. While Singapore law generally prefers written arbitration agreements, this document provides a structured approach to documenting and enforcing oral arbitration commitments.
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Key Requirements PROMPT example:
Oral Arbitration Agreement
"Need an Oral Arbitration Agreement under Singapore law for a verbal agreement made between my construction company and a supplier in March 2025, with specific provisions for recording future discussions and a preference for a single arbitrator."
1. Parties: Identification of parties entering into the oral arbitration agreement
2. Background: Context and circumstances leading to the oral arbitration agreement
3. Definitions: Key terms used in the agreement
4. Scope of Arbitration: Description of disputes covered by the agreement
5. Confirmation Process: Process for documenting the oral agreement
1. Seat of Arbitration: Specifies location if different from Singapore, use when international parties involved
2. Language of Arbitration: Include when parties prefer language other than English
3. Number of Arbitrators: Include when parties want to specify tribunal composition
1. Written Confirmation Template: Template for subsequent written confirmation of oral agreement
2. Witness Statements: Statements from witnesses to the oral agreement
3. Recording Transcript: If oral agreement was recorded, include transcript as evidence
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