Singapore Convention now in force in Turkey

Turkey

As discussed in our previous publication, Turkey signed the United Nations Convention on International Settlement Agreements Resulting from Mediation (“Singapore Convention”), on 7 August 2019 in Singapore. By way of enacting the Law Regarding the Approval of the United Nations Convention on International Settlement Agreements Resulting from Mediation numbered 7282, Turkey became a State Party to the Singapore Convention on 11 March 2021. As per Article 14 of the said law, the effective date of the Singapore Convention was determined as 11 April 2022 with the Presidential Decree numbered 5235 and dated 24 February 2022. Accordingly, the Singapore Convention entered into force in Turkey on 11 April 2022.

The Singapore Convention offers an efficient and uniform framework for entering into and enforcing settlement agreements. The framework allows enforcement of commercial international mediation settlement agreements in member states without the need of a court proceeding, thus reducing the workload of the courts, and saving the parties significant time and cost. Owing to the Singapore Convention, the use of mediation in cross jurisdiction transactions and disputes will undoubtedly increase.

For details, please refer to CMS article on the Singapore Convention in the following link.

For more information on the Singapore Convention, please contact us through our following e-mail addresses: alican.babalioglu@ybk-av.comdamla.erensoy@ybk-av.com and melis.celik@ybk-av.com.