Marazzi&Associati is pleased to share with you an update from the Commission on International Trade at the United Nations (UNCITRAL).
The Singapore Convention on Mediation (hereinafter referred to as the "Convention"), adopted by the United Nations on 20 December 2018 and opened for signature on 7 August 2019, has already been signed by forty-six countries.
The Convention is a tool that facilitates international trade and the promotion of mediation as an alternative and effective method of resolving trade disputes. As a binding international instrument, it is expected to bring certainty and stability to the international mediation framework, thereby contributing to the Sustainable Development Goals (SDGs), in particular SDG 16.
The signatory State, once it has ratified the Convention in its own law, may thus enforce a settlement agreement in accordance with its own rules of procedure and the conditions laid down in this Convention. In the event of a dispute arising over matters already settled by an agreement resulting from mediation, this agreement may be used to demonstrate that there has already been an understanding between the parties on the matter.
The Convention will enter into force physically once at least three countries have ratified it in accordance with the procedures of their national laws.
Choosing international mediation means taking a faster and cheaper route than both arbitration and judicial proceedings, avoiding definitively damaging important business relationships, since the agreement is reached between the parties, with the sole help of the mediator, and not with a ruling of a third party (judge or arbitrator).
For further information please contact Margherita Barletta at the address: firstname.lastname@example.org