Convention on international settlement agreements resulting from mediation

By Terence Xu, BAC/BIAC
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Convention on international settlement agreements resulting from mediation
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Will mediation become the main mechanism to resolve disputes in future commercial transactions? During the 51st commission session of the United Nations Commission on International Trade Law (UNCITRAL), the Draft Convention on International Settlement Agreements Resulting from Mediation has been adopted and will be opened for signing during the so-called Singapore Convention. In this article, the author will briefly introduce the key elements and clauses in the draft convention, and briefly analyze the influences and opportunities it may bring to China’s mediation mechanisms.

During UNCITRAL’s 47th session in 2014, certain countries, with relatively developed mediation services, pointed out that “one obstacle to greater use of conciliation was that settlement agreements reached through conciliation might be more difficult to enforce than arbitral awards”, which served as a “disincentive to commercial parties to mediate”. These countries proposed that UNICTRAL’s working group II “develop a multilateral convention on the enforceability of international commercial settlement agreements reached through conciliation, with the goal of encouraging conciliation in the same way that the New York Convention had facilitated the growth of arbitration”.

From the background of the production of the draft convention, it is clear that the ultimate goal of the development of international dispute resolution mechanism is to resolve, as effectively and conveniently as possible, conflicts stemming from international commercial transactions. Such a goal is consistent with UNCITRAL’s mandate to “reduce or eliminate the differences among states’ international trade laws, and the obstacles they bring to trade flows”.

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Terence Xu is a senior manager at Beijing Arbitration Commission/Beijing International Arbitration Centre

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