Enforcement of mediation settlement agreements
It will be possible to present a mediation agreement for enforcement.
UN convention, establishing the possibility of enforcing international mediation agreements, will be signed in Singapore on August 1, 2019.
Taking into account the growing interest in commercial mediation, the UN Commission on International Trade Law (UNCITRAL) agreed on the final text of the Convention on International Settlement Agreements Resulting from Mediation and the Model Law on International Commercial Mediation.
The application of the rules of the convention affects the interests of companies that carry out international commercial activities. The convention establishes the possibility to present an agreement resulted from mediation, for enforcement for the purpose of execution of the arrangements reached in mediation.
The mediation demand is the result of a high percentage of mediation success, the informality of the procedure, as well as its financial attractiveness compared to other dispute resolution methods such as arbitration or court.
Representatives of such countries as China, the USA, Canada, Germany, France, the Russian Federation, as well as Belarus, Armenia and Georgia participated in the drafting of the convention.
Will these documents be ratified by Ukraine? We are waiting for the reaction of the Ministry of Foreign Affairs of Ukraine regarding this convention and model law.
You can see the convention text in English here.
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