Un Convention on International Settlement Agreements Resulting from Mediation Upsc

The United Nations Convention on International Settlement Agreements Resulting from Mediation, commonly referred to as the Singapore Convention on Mediation, is an important step towards the recognition and enforcement of international mediation agreements.

The convention was adopted by the United Nations General Assembly on December 20, 2018, and opened for signature on August 7, 2019. It aims to facilitate the cross-border enforcement of settlement agreements that result from mediation in international commercial disputes.

The adoption of the Singapore Convention on Mediation is a significant development in the field of dispute resolution, as it provides a practical and efficient way to enforce settlement agreements across borders. This can help to reduce the time and costs associated with resolving disputes, and provide greater certainty and predictability for parties involved in international commercial transactions.

One of the key benefits of the Singapore Convention on Mediation is that it will help to promote the use of mediation as a form of alternative dispute resolution. Mediation is often faster, less expensive, and more flexible than traditional litigation, and can help parties to preserve relationships and keep their disputes confidential.

The convention will apply to settlement agreements resulting from mediation in international commercial disputes, where at least two parties are from different countries, and the place of mediation is in a different country from the parties` places of business.

The convention sets out a clear framework for the enforcement of settlement agreements, including provisions on the grounds for refusal of enforcement, the mandatory requirements for an agreement to be considered a settlement agreement, and the role of mediation institutions in assisting parties with the implementation of settlement agreements.

As a professional, it is important to note that the Singapore Convention on Mediation is likely to have implications for businesses operating across borders, as it will provide greater certainty and predictability for parties involved in international commercial transactions. It is therefore important for businesses to be aware of the convention and to consider the use of mediation as a way to resolve cross-border disputes.