August 9, 2019

Serbia Among 50 Countries In the World to Sign the Singapore Convention

The Singapore Convention applies to international settlement agreements resulting from mediation, concluded by parties to resolve a commercial dispute.

On August 7th 2019, Serbia became one of the first 50 countries in the world to sign the United Nations Convention on International Settlement Agreements Resulting from Mediation – dubbed the Singapore convention. Much like the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards, the Singapore Convention aims to ensure that a mediation settlement reached by parties becomes effectively and extensively binding and enforceable in a large number of countries.

Applicability of the Singapore Convention

The Convention has limited applicability in terms of agreements resulting from mediation, as such agreements are required to be international. One case in which it is applicable is when at least two parties to the settlement agreement have their places of business in different states. Another case is when the state in which the parties to the settlement agreement have their places of business is different from either the state in which a substantial part of the obligations under the settlement agreement is performed, or from the state with which the subject matter of the settlement agreement is most closely connected.

On a similar note, the Convention does not apply to court settlements or to settlements that are enforceable as a judgment or an arbitral award nor to settlement agreements arising from transactions for personal, family or household purposes and relating to family, inheritance or employment law.

Businesses in Serbia welcome the fact that authorities recognized the importance of arbitration and mediation as alternative dispute resolution mechanisms; if the Singapore Convention is half as successful as the New York Convention, it can be said with some degree of certainty that mediation will be lurking as a much more favored ADR mechanism than it has been in the past.

The text is taken from the Karanovic/partner’s news.

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