Thursday Nov 28, 2024
Thursday Nov 28, 2024
Saturday, 13 January 2024 01:20 - - {{hitsCtrl.values.hits}}
The Parliament on Wednesday passed the Recognition and Enforcement of International Settlement Agreements Resulting from Mediation Bill.
The enactment of this bill marks Sri Lanka’s commitment to the United Nations Convention on International Settlement Agreements resulting from arbitration, commonly known as the Singapore Convention on Mediation.
The primary objective of this Act is to give effect to the provisions outlined in the Singapore Convention on Mediation. The newly passed bill focuses on making provisions for the recognition and enforcement of international settlement agreements, aligning Sri Lanka with international standards for dispute resolution through mediation.
The bill’s provisions are designed to facilitate the recognition and enforcement of international settlement agreements, and it also addresses matters connected therewith or incidental thereto. This legislative step is a crucial development in strengthening Sri Lanka’s legal framework concerning international mediation agreements.
Sri Lanka is now poised to ratify the Singapore Convention on Mediation. As per the convention’s terms, it will enter into force in respect of a State six months after ratification.
