UNCITRAL concluded its 51st Session in New York last Friday (13 July 2018). According to the press release published this week (16 July), it saw the adoption of a new legal framework on international commercial mediation:

“The creation of a new legal framework for international commercial mediation is a milestone outcome of the session, with the Commission finalizing the draft UN convention on international settlement agreements resulting from mediation (the mediation convention) and adopting the Model Law on International Commercial Mediation and International Settlement Agreements resulting from Mediation (amending the UNCITRAL Model Law on International Commercial Conciliation of 2002). The purpose of the mediation convention is to allow parties to rely on a mediated settlement agreement and enforce it across borders according to simplified procedures. The Model Law implements the mediation convention, in addition to providing a streamlined procedure for international mediation.

It is expected that this uniform framework will foster the use of international mediation for solving cross border disputes in a peaceful, cost effective and efficient manner. The Commission expressed the wish that the mediation convention will become as successful as the New York Convention.

It is contemplated that the mediation convention, once adopted by the General Assembly later this year, will open for signature at a signing ceremony hosted by the Government of Singapore on 1 August 2019. UN Member States will be invited to join the signing ceremony”.

Source: here

Advertisements