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.