Handshake Dispute resolution Policy
1. Scope and Applicability:
These Terms apply to all parties participating in escrow transactions facilitated by Handshake and governed by Singaporean laws and regulations.
2. Dispute Resolution Procedure
Handshake employs a four-tiered approach to dispute resolution:
2.1. Initial Resolution Attempts
– Parties must first attempt to resolve the dispute through direct negotiation within a reasonable time from the date the dispute arises.
– If a mutual resolution is achieved, the agreement must be documented in writing and signed by all relevant parties.
– The signed agreement should be uploaded via the “Resolve Dispute” function on the Handshake platform.
– Upon review, Handshake will facilitate the corresponding fund flow (release or refund) as per the agreement.
2.2. Mediation
– If direct negotiations fail, either party may initiate mediation with the Singapore Mediation Centre (SMC) within fourteen (14) business days.
– The mediation must be concluded within thirty (30) days, unless both parties agree to an extension.
– Any settlement reached is binding and enforceable under Singapore law.
– The signed settlement must be uploaded to the Handshake platform for fund processing.
2.3. Arbitration
– Should mediation fail, the dispute may be referred to arbitration under the rules of the Singapore International Arbitration Centre (SIAC) or any mutually agreed arbitral body.
– Arbitration will be conducted under the Arbitration Act (Cap. 10) or the International Arbitration Act (Cap. 143A), depending on the nature of the dispute.
– The arbitrator’s decision will be final and binding.
– The resulting arbitral award must be uploaded to the platform for resolution.
2.4. Litigation
– If arbitration is not applicable or not agreed upon, parties may escalate the matter to the Singapore High Court or State Courts, based on the claim amount.
– All court proceedings will be conducted in accordance with the Rules of Court 2021.
3. Escrow Account Management During Disputes
Upon initiation of a dispute, Handshake will automatically freeze all escrowed funds until resolution. Funds shall only be released based on one of the following:
– A mutually agreed and signed settlement
– A binding mediation agreement
– A final arbitral award
– A final court judgment
– Any other legally binding directive
4. Costs and Legal Fees
– Each party shall bear its own legal and administrative fees unless otherwise specified by a resolution body (mediator, arbitrator, or court).
– The cost of mediation, arbitration, or litigation will be determined by the governing dispute resolution body.
5. Confidentiality
– All mediation and arbitration proceedings are strictly confidential.
– Information disclosed during these proceedings shall not be used in subsequent litigation unless permitted under Singapore law or mutually agreed by the parties.
6. Governing Law
These Terms, and all disputes and proceedings arising out of or in connection with them, shall be governed by and construed in accordance with the laws of Singapore.