Un Convention On International Settlement Agreements India

The Convention provides a uniform and effective framework for the implementation of international settlement agreements arising from mediation and to enable parties to avail themselves of such agreements, as provided for by the Convention on the Recognition and Enforcement of Foreign Arbitration Awards (New York, 1958) (the “New York Convention”) for arbitrations. The agreement defines two other grounds for which a court may automatically refuse to grant appeal. These grounds relate to the fact that a dispute is not resolved through mediation or would not be contrary to public policy. Accordingly, agreements reached prior to the entry into force of the Singapore Mediation Agreement in the context of a “conciliation” in India, in accordance with Part III of the Arbitration Act, could only be applied in the form of contracts, while settlement agreements concluded under the “conciliation” could probably be implemented in India. This legal vacuum was corrected with India`s ratification of the Singapore Mediation Agreement, which provides for the implementation of transaction agreements concluded through mediation. In addition, Part III of the Arbitration Act deals exclusively with the “conciliation” of disputes arising from a contractual or non-contractual relationship between the parties. [3] A conciliation settlement agreement is similar to an arbitral award under agreed conditions and is recognized and enforceable in the same way as a court decision. [4] Gregory Vijayendra, President of the Law Society in Singapore, said that South Asia was one of the largest international arbitration markets under the Singapore International Arbitration Centre (SIAC), dominated by Litigation by Indian companies. Section 89 (1) of the 1908 Code of Civil Procedure provides that where the court considers that elements of a transaction are acceptable to the parties, the court may refer the parties to arbitration proceedings, conciliation, legal settlement by Lok Adalat or mediation; And it is only a basic convention that needs to be translated into an effective law in India, said the veteran law minister, who set up India`s first mediation centre in Chennai in 2005.

The Indian government has taken proactive steps to facilitate commercial activities in India. Improving the ability to resolve disputes is essential to the ease of operations and the signing of the Singapore Mediation Agreement guarantees foreign investors India`s commitment to international out-of-court dispute resolution practice. An Indian Mediation Act, as proposed by the Supreme Court of India, is a promising proposal. Such legislation would give clarity, credibility, recognition and legitimacy to mediation. The authors will report in due course on the evolution of the expected legislation. Topics covered: bilateral, regional and global groupings and agreements in which India participates and/or harm India`s interests. While the Singapore Mediation Agreement does not emphasize the use of the term “mediation” to describe how a settlement can be reached (mediation and mediation being used interchangeably in several jurisdictions), Indian law distinguishes between mediation and conciliation. For example, to speed up the implementation of the treaty in each signatory country, the convention has a model law that, according to the Experts of the Convention, can be adopted. Application of mediation or conciliation agreements in India and the effects of the Singapore Mediation Agreement The convention is also known as the Singapore Convention on Mediation (the agreement).