Un Convention On International Settlement Agreements India

But this is only a basic convention that needs to be transposed into effective law in India, said the law veteran, who set up India`s first mediation centre in Chennai in 2005. The Convention provides a uniform and effective framework for the application of international settlement agreements resulting from mediation and the possibility for the parties to avail themselves of such agreements, similar to the framework provided for in the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York, 1958) (the “New York Convention”) for arbitral awards. The Convention establishes two other grounds on which a court may refuse to grant the appeal in its own way. Those reasons relate to the fact that a dispute would not be settled by mediation or would be contrary to public policy. A considerable effort of time and energy is devoted to completing a negotiated transaction and, if the other party is not performing well, the company seeking to comply with the rules has few options other than opening a dispute or arbitration. [2] In order to promote international commercial arbitration in India and develop a vast arbitration ecosystem, the government is establishing the New Delhi International Arbitration Centre (NDIAC) as a legal body. The Commercial Courts Act 2015 has been further amended and legislation to further amend the Arbitration and Conciliation Act 1996 is ongoing. These initiatives are taken to promote the settlement of commercial disputes in India and abroad through the ADR mechanism for arbitration, mediation and mediation.