The United Nations Convention on International Settlement Agreements Resulting from Mediation (Singapore Convention) was adopted by the United Nations on June 26, 2018 and opened for signature on August 7, 2019, with 46 countries affixing their signatures to what is intended be a game changer in the alternate dispute resolution space.
The use of mediation has grown, particularly because it is cheaper than international arbitration (which is now being criticised for the very evils it was created to avoid, i.e. costs and complexity), and also because it is more likely to preserve commercial relationships. These benefits are recognised in the Preamble to the Convention, reflecting the hope that the enforceability of international commercial settlement agreements would facilitate efficient administration of justice by States, and also contribute to the development of harmonious international economic relations.
Continue Reading The Singapore Convention on Mediation – India’s Pro-enforcement Run Continues