A party seeking a transaction agreement under the agreement must prove that it is the result of mediation. The Convention sets out a number of means by which the parties can proceed, including the provision of a transaction agreement signed by the Ombudsman himself or confirmation that mediation has been carried out; or a certificate from the institution that managed the mediation. If none of these points is available, the convention also allows proof by other evidence acceptable to the competent authority implementing the agreement. The Singapore Agreement must become an essential instrument to facilitate international trade and promote mediation as an alternative and effective means of resolving trade disputes. It ensures that an agreement between the parties becomes binding and enforceable in a simplified and streamlined procedure. It thus helps to strengthen access to justice and the rule of law. Therefore, the convention`s entry into force is more than timely. If the current accession by the signatories and the historical experience of the New York Convention in promoting arbitration around the world are something to be done, the future of mediation and the Singapore agreement will be very positive. There is no doubt that the Convention is an important step in the development of global development and the development of mediation and offers a viable alternative to the current impasse in dispute resolution.  Available under: uncitral.un.org/en/texts/mediation/conventions/international_settlement_agreements. The competent authority of the contracting party may also refuse to grant discharges if it is contrary to the public order of that party; or the subject matter of the dispute cannot be resolved by mediation according to the law of that party.
Article 1 provides that the agreement was entered into in writing by the parties in order to resolve a trade dispute. Article 1 also lists exceptions to the scope of the convention, i.e. transaction agreements made by a consumer for personal, family or budgetary or family, estate or labour law purposes. A transaction agreement, which can be executed as an arbitral judgment or award, is also excluded from the scope of the Convention in order to avoid possible overlaps with existing and future conventions, namely the New York Convention on the Recognition and Enforcement of Foreign Arbitration Awards (1958), the Convention on the Choice of Judicial Conventions (2005) and the Convention on the Recognition and Enforcement of Foreign Judgments in Civil and Commercial Matters (2019).