Australian Government Consultations
International Settlement Agreements Convention on Mediation (ISAC)
12 September marked the entry into force of the United Nations Convention on International Settlement Agreements Resulting from Mediation, (commonly known as the ‘Singapore Convention’). On 7 August 2017, 46 States signed ISAC. Since then, seven more States have signed the Convention for a total of 53 signatories. Six countries have ratified the Convention to date – Singapore, Fiji, Qatar, Saudi Arabia, Belarus and Ecuador.
ISAC is designed to facilitate international trade and commerce by enabling disputing parties to more easily enforce and invoke settlement agreements across borders. By establishing a simplified, uniform framework for the recognition and enforcement of international mediated settlement agreements amongst contracting states, the Convention aims to allow businesses to benefit from mediation as an additional dispute resolution option to litigation and arbitration in settling cross-border disputes. Read the Convention Text HERE. Australian Government consultations in relation to the Singapore Convention are open for public submissions HERE until 23 November 2020.