A successful outcome in court or arbitration or striking a good deal in mediation is one thing, but if your counterparty fails to honour their obligation the effort is all in vain unless you are able to enforce the judgment, award or settlement agreement in a jurisdiction where there are available assets.
Such enforcement efforts can be challenging and costly. Most court judgments have to be enforced by way of time consuming processes involving diplomatic channels and local courts. Arbitration awards, on the other hand, can be enforced on the basis of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (most often referred to as the “New York Convention”). The latest development in this area of law is the UN Convention on International Settlement Agreements Resulting from Mediation (which will be referred to as the “Singapore Convention”).
The attached article provides a useful overview of the need for, and the background and scope of, the Singapore Convention.