What are the dilemmas of enforcing international commercial settlement agreement

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What are the dilemmas of enforcing international commercial settlement agreements abroad? Issues arising in relation to the implementation of the “United Nations Convention on International Settlement Agreements Resulting from Mediation” and the “New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards”? Mediation in international commercial conflict resolution currently offers a number of significant advantages and is becoming more widely accepted and used. However, the lack of an efficient framework for implementing international commercial settlement agreements has slowed commercial mediation’s development and has been a source of theoretical and practical concern in the field of international commercial dispute resolution. Because of the vast disparities in national legislation and practice, reaching an agreement is challenging. This makes cross-border enforcement of international commercial settlement agreements extremely complicated, and their enforcement is frequently impossible to achieve. I’d like to concentrate on the legal challenges surrounding the enforcement of international commercial settlement agreements, as well as the development of potential cross-border enforcement mechanisms. There are three primary approaches to cross-border mediation: 1. in accordance with contract law principles. 2. is equal to a court judgement or has been turned into a notarial document for the purpose of enforcement. 3. deemed/converted directly into an arbitral consensual award for the purpose of enforcement. I will explore the advantage and disadvantages of these various approaches, as well as their limitations and restrictions, due to the complexity of implementation created by legal, cultural, and political disagreements between countries. In light of current international treaties, I will also give early thoughts on the establishment of a cross-border enforcement mechanism for international commercial settlement agreements. Proposed Methodology -Quantitative

 

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