The “Singapore Convention on Mediation”, which was adopted on 20 December 2018 and opened for signature on 7 August 2019, will enter into force from September 2020. The Convention will further facilitate international transactions by enabling parties to engage in mediation as an efficient means of dispute resolution.
Contractors have tended for decades to submit their disputes to arbitration rather than going to the courts. Nevertheless, some drawbacks in arbitration, including the ensuing challenges with respect to the enforcement of arbitral awards, have also prompted the parties to consider other, more cost-effective methods of dispute settlement. The HCLA’s case study shows that nowadays, parties are more inclined to seek mediation as the preferred means of resolving their international disputes. As a means of dispute resolution, however, parties should always ensure that they have a well-written and comprehensive agreement in which mediation is a prerequisite for the resolution of disputes.
To enhance the role of mediation in the international arena, national and international policymakers still need to take further steps to ensure that the applicable regulatory frameworks are appropriately modernized and can serve as a sound platform for effective mediation.
This piece is a summary of the HCLA’s legal study on mediation. For any questions or additional information, please do not hesitate to contact the HCLA team via email@example.com