The 2019 Singapore Convention has promoted the use of mediation as a dispute resolution mechanism for cross-border transactions.
The UN General Assembly has adopted the Convention and a signing ceremony for the event is expected in Singapore on August 1st.
The Singapore Mediation Convention offers enforcement of settlement agreements achieved from mediation conducted in foreign jurisdictions. It has been a long process for the convention to get the green light after three years of hard-fought negotiations and drafting, this involved input from as many as 85 countries and 35 NGOs.
The New York Convention has long been the pinnacle for international arbitration, with 159 countries signing it to date. The hope is that the Singapore Mediation Convention will be just as beneficial for mediation settlements as the New York Convention has been for arbitration.
The Convention will make it easier for businesses to enforce mediated settlement agreements with their cross-border counterparts. Singapore as an international location is well-known for its stable political climate, ease of doing business, as well as robust legal and commercial infrastructure.
Much like our professional service at Lux Mediation, Singapore also holds a strong reputation as an international hub for aviation, shipping, financial services and construction. The convention essentially breeds new life into the world of mediation in the form of a dispute resolution.
Our processes and highly valued experience have demonstrated innovative approaches into the world of mediation, where we will only go from strength to strength in our professional outlook for clients and often complex cases. Thus, The Singapore Mediation Convention will help to develop the language of international dispute resolution and make mediation a default option for commercial parties in international disputes.
For more information contact Lux Mediation today via firstname.lastname@example.org.