International Settlement Agreement – New Perspectives Post Singapore Convention
On 6 January 2021, Ms. Fatma Ibrahim, Mediation Special Advisor to CRCICA, delivered a speech on whether the Convention on International Settlement Agreements Resulting from Mediation (Singapore Convention) can be considered the missing link that would indeed assist in boosting mediation’s use by international companies. For starters, the Singapore Convention has already generated a significant scholarly interest with abundant literature on its impact, clauses, and even areas for improvement. It has also pushed governments to think differently about mediation and consider opening-up their legal regime to recognize international settlement agreements arising out of mediation. At the same time, it is important to recognize that the fear of enforcement is more theoretical than real and stems from the lack of proper awareness on what mediation actually offers and how it can transform conflict resolution, which ultimately, and in most cases, renders the question of enforcement moot. From that perspective, the Singapore Convention has come to calm those fears and can be considered as one of the most effective international tools in encouraging both governments and businesses to trust the promise of mediation.
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