United Nations member states on Wednesday signed the Singapore Convention on Mediation, an agreement that maritime lawyers believe could pave the way for a new avenue of dispute resolution in shipping.
The UN Convention on International Settlement Agreements Resulting from Mediation, as it is officially called, allows the enforcement of mediated settlement agreements across signatory nations, in much the same manner as the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York Convention) covers the enforcement of arbitration awards.
