JMiles & Co. is delighted to announce it will be attending the signing of the UN Convention on the Enforcement of International settlement Agreements Resulting from Mediation.
Whilst mediation offers a myriad of benefits, its growth has been hindered by one main issue: parties’ are often concerned about their ability to ensure that the other party complies with any mediated settlement agreement. This is because unlike court judgments and arbitration awards, mediated settlement agreements are only binding contractually. This means that if a party to the settlement agreement did not abide by its terms, the only remedy the other party would have was to issue proceedings for breach of contract in the national courts.
The Convention on the Enforcement of International settlement Agreements Resulting from Mediation, informally named the “Singapore Convention,” has been welcomed as a long-sought mechanism to give cross-border disputants the confidence that, if they engage in mediation of international commercial disputes, any resulting agreement will be enforceable by its terms. Its approval follows three years of intense deliberation among 85 member states and 35 international governmental and nongovernmental entities.