To provide a more effective way for enforcing mediated settlements of corporate disputes involving businesses in India and other countries the Singapore Convention on Mediation came into force.
Daily Current Affairs Quiz 2020
Key-Points
Also known as the United Nations Convention on International Settlement Agreements Resulting from Mediation, this is also the first UN treaty to be named after Singapore.
With the Convention in force, businesses seeking enforcement of a mediated settlement agreement across borders can do so by applying 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.
The harmonised and simplified enforcement framework under the Convention translates to savings in time and legal costs, which is important for businesses in times of uncertainty, such as during the current COVID-19 pandemic.
Singapore had worked with the UN Commission on International Trade Law, other UN member states and non-governmental organisations for the Convention.
