This paper offers an analysis of the key provisions of the recently concluded Convention on International Settlement Agreements Resulting from Mediation (the Singapore Convention). A special attention is given to a particularly innovative element of the Convention - the so-called functional recognition of the settlement agreements. This concept is crucial for the overall understanding of the new mechanism that the Singapore Convention seeks to introduce. Although it may be assumed that the

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... ence to the functional recognition approach is likely to decrease the costs and reduce the time necessary for resolution of international commercial disputes, it is also prone to inducing many problems susceptible of jeopardizing the long-term sustainability of the system that the Singapore Convention aspires to establish. In order to avoid those problems, national and international sources of law applicable to commercial mediation should be fundamentally revisited and reformed.