- The Union Cabinet has approved the signing of the United Nations Convention on International Settlement Agreements(UNISA).
- The signing of the Convention will boost the confidence of the investors and shall provide a positive signal to foreign investors about India’s commitment to adhere to international practice on Alternative Dispute Resolution(ADR).
- The United Nations General Assembly adopted the United Nations Convention on International Settlement Agreements Resulting from Mediation in 2018.
- The UN has authorized that the Convention will open for signature in Singapore and will be known as the “Singapore Convention on Mediation”.
- The Convention provides a uniform and efficient framework for the enforcement of international settlement agreements resulting from mediation and for allowing parties to invoke such agreements.
- The Convention defines two additional grounds upon which a court may, on its own motion refuse to grant relief.Those grounds relate to the fact that a dispute would not be capable of settlement by mediation or would be contrary to public policy.
- Alternative dispute resolution(ADR) includes dispute resolution process and techniques that act as a means for disagreeing parties to come to an agreement short of litigation.It is a collective term for the ways that parties can settle disputes, with the help of a third party.
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