“The issue of finality goes well beyond the search for certainty and is particularly important in commerce and finance, as they are per definition transactional and dependent on payment.”
“Finality, Sir, is not the language of politics.”
It has been said that one of the great strengths of International arbitration is finality. With the expected adoption of the Draft UNCITRAL Convention on International Settlement Agreements Resulting from Mediation (“Singapore Convention”) and amendments to the UNCITRAL Model Law on International Commercial Conciliation States will have the opportunity to support increased use of amicable negotiation/mediation to preserve commercial relations where possible and otherwise resolve disputes arising therefrom with finality in a process which reserves decision-making to the parties and allows flexibility of both process and outcomes.
This article is intended to address the rationale for and highlights of the Singapore Convention. It will also examine the risks and benefits to both commercial interests and public entities and, in particular, examine the possible application of the Singapore Convention to Investor-State relations.