Singapore Mediation Convention Provides Advantage to Firms

Singapore Mediation Convention Provides Advantage to Firms
Singapore Mediation Convention Provides Advantage to Firms

Lawyer Nevin Can, Partner of the Mediterranean Mediation Center, said that the Singapore Mediation Convention, which Turkey signed in 2019 and ratified in 2021, offers quick solutions in international disputes.

Lawyer Nevin Can stated that the Singapore Mediation Convention provides credibility in international trade, and that the parties in conflict can resolve this dispute with the help of the mediator, who is an impartial third party.

Stating that the Singapore Mediation Convention will enter into force in our country as of April 11, 2022, Can said, “As of today, 55 States have become parties to the Convention, among which states that are an important economic power in their own regions such as Russia, the USA, China and Iran. The convention is of great importance as it contains regulations to ensure the enforceability of the agreement reached in international disputes resolved through mediation. The Singapore Convention, on the other hand, can only be applied to commercial disputes, and consumer, family and labor law issues are specifically excluded from the scope of the Convention.

PROVIDES ADVANTAGE

Lawyer Nevin Can noted that there are many benefits of direct execution of the decision reached by the parties after the resolution of international commercial disputes through mediation in countries where the Convention is in force.

Giving information about the system, Can said, “First of all, mediation is a much faster and more economical method when compared to the litigation method; Compared to the arbitration method, the biggest benefit of mediation is that the parties produce the solution. Because in the mediation method, the control is entirely on the parties to the dispute, and all parties produce an acceptable joint solution for themselves. However, problems may arise if one or more of the parties do not fulfill the requirements of the agreement after the solution is reached. The convention fills this gap, as it ensures that the agreement reached by the parties is not fulfilled through executive methods, and thus provides legal security to the mediation method.

TURKEY ADDED TO THE CONVENTION

Emphasizing that the parties' ability to execute the agreement reached at the end of the mediation process has many benefits, Nevin Can shared the following information: knowing that he can directly execute the provisions of the agreement will provide security in the field of international trade. The countries that put the Singapore Convention into effect have thus declared that they support the peaceful solution methods and that they are the guarantors of the agreement reached as a result of these solution methods. There is no doubt that this situation will increase international investments and develop trade in the countries that are party to the Convention, since it provides assurance to those dealing with trade. The convention is in force in Belarus, Ecuador, Fiji, Honduras, Qatar, Saudi Arabia and Singapore as of April 2022 and Turkey will be added to these countries on April 11”.

Similar Ads

Be the first to comment

Comments