10 May, 2019
On 26 March 2019, IPOS announced that it would extend and enhance its Mediation Promotion Scheme for three years with effect from 1 April 2019. The Enhanced Mediation Promotion Scheme will increase funding from S$5,500 to either S$10,000 or S$12,000 for each mediation case and will allow parties to claim for mediation-related agent fees.
The enhanced scheme will benefit businesses and entrepreneurs that opt for mediation as a method of resolving their intellectual property disputes in Singapore. It provides an over 80% increase in funding for every mediation case and an expanded coverage of reimbursable items.
The Enhanced Mediation Promotion Scheme covers part of parties' mediation costs, including fees charged by the mediation service provider, mediator's fees and up to 50% of mediation-related lawyer/agent fees (and mediation-related disbursements charged by the party's lawyer/agent).
The Enhanced Mediation Promotion Scheme coupled with the Singapore's Mediation Act that came into force in November 2017, makes mediation an attractive avenue for dispute resolution and allows enforcement of mediated settlement agreements.
In addition, the Singapore Convention on Mediation is also due to be signed in Singapore in August this year, which will provide businesses with greater assurance that mediated settlement agreements can be relied upon to resolve cross-border disputes.
For further information, please contact:
Andy Leck, Principal, Baker & McKenzie.Wong & Leow
andy.leck@bakermckenzie.com
