[et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”4.16″ global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_row admin_label=”row” _builder_version=”4.21.2″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” hover_enabled=”0″ global_colors_info=”{}” theme_builder_area=”post_content” width=”100%” custom_margin=”||||false|false” custom_padding=”0px||0px||true|false” sticky_enabled=”0″][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||” theme_builder_area=”post_content”][et_pb_text admin_label=”Text” _builder_version=”4.21.2″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” hover_enabled=”0″ global_colors_info=”{}” theme_builder_area=”post_content” text_font_size=”1.2em” text_line_height=”1.5em” text_orientation=”justified” sticky_enabled=”0″]On 2 August 2023, Colombia ratified the United Nations Convention on International Settlement Agreements Resulting from Mediation, also known as the Singapore Convention. Its primary goal is promoting mediation to resolve cross-border commercial disputes by establishing a legal framework for effectively recognizing and enforcing international commercial settlements.<\/p>\n
The Convention allows any party to a mediated international settlement agreement to seek enforcement before the competent authority of a Member State, regardless of where the settlement agreement was concluded. Once chosen which ratifying State to bring enforcement of the claim, the party that requests relief under the terms of the agreement must provide the authority (i) a settlement agreement signed by the parties, and (ii) evidence that the settlement agreement was a result of mediation.<\/p>\n
The enforceability of international settlement agreements has always been an issue for companies and participants in international trade. The Singapore Convention aims to enable the enforcement of cross-border commercial settlements through an efficient, practical, and uniform legal framework. [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"
The Singapore Convention aims to enable the enforcement of cross-border commercial settlements through an efficient and uniform legal framework.<\/p>\n","protected":false},"author":5,"featured_media":4397255,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[59,116],"tags":[],"class_list":["post-4397253","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-newsletter-en","category-litigation-and-adr"],"yoast_head":"\n