Singapore Convention on Mediation

The United Nations General Assembly adopted the United Nations Convention on International Settlement Agreements Resulting from Mediation (Also known as the “Singapore Convention on Mediation”) in 2018.
The Convention provides a uniform and efficient framework for the enforcement of international settlement agreements resulting from mediation.
It ensures that a settlement reached by parties becomes binding and enforceable in accordance with a simplified and streamlined procedure.

The Singapore Convention on Mediation came into force recently and will provide a more effective way for enforcing mediated settlements of corporate disputes involving businesses in India and other countries that are signatories to the Convention.
As on September 1, the Convention has 53 signatories, including India, China and the U.S.

The Convention will boost the confidence of the investors and shall provide a positive signal to foreign investors about the signatory countries’ commitment to adhere to international practice on Alternative Dispute Resolution (ADR).
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.

In order to encourage international commercial arbitration in India and to evolve a comprehensive ecosystem of arbitration, the Government has passed the New Delhi International Arbitration Centre (NDIAC) Act, 2019.
The act establishes NDIAC as a statutory body to conduct arbitration, mediation, and conciliation proceedings in the county.
The act declares the NDIAC as an institution of national importance.

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