News: Singapore Convention on Mediation has entered into force marking a significant development in international commercial dispute resolution.
Facts:
- Singapore Convention also known as the United Nations Convention on International Settlement Agreements Resulting from Mediation is an international agreement regarding the recognition of mediated settlements.
- When was it adopted? The convention was adopted in December,2018 and opened for signature in August,2019.
- Signatories: As of September 1, 2020, the Convention has 53 signatories, including India, China and the United States. Ecuador is the most recent country to ratify the Convention.
- Significance: The convention helps businesses seeking enforcement of a mediated settlement agreement across borders to apply directly to the courts of countries that have signed and ratified the treaty instead of having to enforce the settlement agreement as a contract in accordance with each country’s domestic process.
