The United Nations Convention on International Settlement
Agreements Resulting from Mediation (the
"Singapore Convention") entered
into force as of 11 April 2022 by the Presidential Decree published
in the Official Gazette dated 25 February 2022. The Singapore
Convention aims to enable parties to enforce settlement agreements
resulting from mediation in signatory states without the need for
court proceedings.
Scope of the Singapore Convention
Singapore Convention applies to settlement agreements;
- that are international,
- resolving commercial disputes,
- resulting from mediation and concluded in writing.
In order for the settlement agreement to be considered as
international in terms of the Singapore Convention, at least two of
the parties to the settlement agreement should have their places of
business in different contracting states. Even though the
parties' places of business are in the same contracting
state, if (i) a substantial part of the
