Scrutinizing the Scope of the Singapore Mediation Convention as a foundation for cross-border settlements, and its effect on the Indian Lawscape?
Volume III, Issue VI, 2020
Although, Mediation is considered a more flexible, cost effective method, the lack of International Guidelines and the want of decision being binding are the biggest deterrents to its popular usage., The lack of international guidelines, legislations or processes which could ensure that such agreements could be recognized and enforced internationally meant that the result of a Mediation would often be effectively to the status of contracts only and would often require further court proceedings to force the compliance, incase one of the parties defaulted to the agreed terms. This has resulted, in mediation comparing unfavorably to arbitration. And the COVID-19 Pandemic, on the other hand, has accelerated the need for alternate means of Dispute Resolution, since the traditional Justice Systems across the globe have been significantly hit. The Pandemic has resulted in the accelerated meteoric downslide in the global economy, which impacts the investment made by the public in the Judicial Process too.
The Singapore Convention, of which India is a signatory, has been streamlined with the aim to give Mediation the same iron-cast effect that the New York Convention gives to Arbitrations. The Preamble of the Convention aims to make mediation settlements easier to enforce internationally, and binding across the countries that have ratified the same, eliminating the need for the parties to initiate new legal proceedings.
This article attempts to sift through the Convention and attempt to understand and explain how the Convention aims to tackle the process and provide relief. This article also aims to explain how this Convention will affect the Indian lawscape, as India is a signatory of the same and currently does not have a separate legislation dealing with the Mediation Process.