In brief
Kazakhstan signed and ratified UN Convention on International Settlement Agreements resulting from Mediation (the “Convention”). Accordingly, now the disputing parties have the opportunity to apply to a court of another jurisdiction for recognition of the settlement agreement and its execution.
In details
Convention w as signed by Kazakhstan on 7 August 2019 in Singapore, and ratified on 7 April 2022.
In accordance w ith the Convention, enforcement of the settlement agreement is carried out in accordance w ith national law . In Kazakhstan, the procedure for the execution of agreements resulting from mediation is provided for by the provisions of Kazakhstan Law “On Mediation” and Kazakhstan Civil Procedure Code.
At the same time, the Convention applies only to international commercial disputes betw een tw o or more companies from different states parties of the Convention.
Thus, the disputing parties get the opportunity to apply to a court of another jurisdiction for recognition of the settlement agreement and its execution.
The document w as sent for signature to the President of Kazakhstan.
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