The Singapore International Mediation Centre (SIMC) and Shenzhen Court of International Arbitration (SCIA) have collaborated to establish the SIMC-SCIA Med-Arb Protocol (“MA Protocol”) to allow the recording of any settlement agreement resulting from mediation at SIMC as an arbitral award of the SCIA. Parties may adopt the MA Protocol to obtain greater finality in mediation outcomes, if enforcement of settlement agreements are required.
Launched on 25 November 2022, the MA Protocol would be particularly useful to parties with commercial disputes in China or where the subject matter of the dispute is located in China. It applies to all disputes submitted to the SIMC for mediation, whether directly by parties or via SCIA through commencement of arbitration proceedings.
If arbitration proceedings have already commenced at SCIA when the submission to mediation at SIMC is made, arbitration at SCIA shall be stayed until the outcome of the mediation is received by SCIA.
In the event of a settlement of a dispute through mediation at SIMC, with the consent of all parties, any party to the mediation may apply to SCIA under this MA Protocol, to record the settlement agreement as an arbitral award of the SCIA.
For details, please refer to the following:
SIMC-SCIA Med-Arb Protocol would be particularly useful to parties with commercial disputes in China or where the subject matter of the dispute is located in China.
ADVANTAGES OF MED-ARB
|Enforceable in China and elsewhere*
|Flexibility, preservation of relationship
|Confidentiality, expediency and neutrality
|Time and cost savings
* Under the 1958 Convention on the Recognition and Enforcement of Foreign Arbitral Awards, or the New York Convention, an award is potentially enforceable in the 170 signatory states to the Convention.