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United Nations Convention On International Settlement Agreements Resulting From Mediation

The agreement is in line with the UNCITRAL Model Law on International Commercial Mediation and international settlement agreements resulting from mediation (2018). This approach is intended to give States the flexibility to take into account either the convention, the model law as a separate text, or the convention and the model law as complementary instruments to an overall legal framework for mediation. (October 13, 2020) The UN Convention on International Mediation Agreements (Singapore Convention) entered into force last month. The Singapore Convention on Mediation was adopted in 2018 by the United Nations Commission on International Trade Law (UNCSD), but entered into force in September 2020, six months after six countries ratified the convention. The United Nations Convention on International Mediation Agreements (the “Singapore Convention” or the “Convention”) entered into force on 12 September 2020. [1] The Singapore Agreement is an important step in the international settlement of trade disputes, as it allows for the application of settlement agreements negotiated between its signatories. For international companies, this means that they will have another viable and effective alternative to litigation and arbitration proceedings in the context of the settlement of their cross-border disputes, especially during the global COVID-19 pandemic. [2] By facilitating a negotiated solution between the parties, mediation can generally offer them a faster, cheaper and more commercial method of dispute resolution than the use of litigation and arbitration. With the help of neutral and qualified experts, the comparisons allowed the parties to focus on what is really important to them and quickly address their privacy differences while preserving the companies` reputation and long-term relationship. However, until the Singapore Agreement, there was no harmonised enforcement mechanism for these negotiated comparisons.

Therefore, the only recourse for a party that faced an adversary who refused to comply with the terms of such a negotiated settlement was to take legal action for infringement and then attempt to enforce the subsequent judgment, possibly in several jurisdictions. . . .

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