At a solemn ceremony held on 08.08.2019 in Singapore, Ukraine joined the United Nations Convention on International Settlement Agreements Resulting from Mediation, becoming one of the 46 signatory countries of this important international document.
The Convention is primarily created to generalize and systematize the rules of mediation for the resolution of commercial disputes in the field of international trade as an alternative to judicial arbitration.
It is worth noting that the Convention applies only to disputes that have arisen:
- between parties located in different countries;
- between parties fulfilling their obligations in different countries.
However, the terms of the Convention do not apply to:
- private law disputes arising from personal obligations;
- family disputes;
- labour disputes;
- Inheritance disputes.
The Convention provides for the conclusion of an amicable settlement agreement based on the results of commercial dispute mediation and establishes clear rules for its implementation by the parties. The procedure provides for the involvement of a third party (mediator), which ensures that the parties to the dispute find an amicable solution, which is formalized by an amicable settlement agreement signed by the parties to the commercial dispute.
This mechanism, which is provided for by the Convention, will ensure a more efficient resolution of commercial disputes which are the common phenomenon in a period of globalization of international trade. Also, it gives additional impetus to parties to resolve disputes out of court, as this procedure is much cheaper and faster than recourse to commercial arbitration.
The legal support of Deiak Law Firm is primarily aimed at optimizing the time and material costs of the client in achieving the set goals. One of the effective mechanisms of dispute resolution is Mediation, which our lawyers conduct at a high professional level.
