ABSTRACT
There are many different approaches the mediator can take once the parties have agreed. Some prefer that the parties go off and prepare the written form of the agreement and if there are any problems with its terms and execution the parties can then re-schedule a session with the mediator to sort out any details. Other mediators prefer to have the parties prepare a short memorandum of their agreement whilst still at the mediation and to sign the memorandum. Additionally, the parties can sign the memorandum of understanding and then ask the mediator to prepare an arbitration award by consent. As the concept of consent awards derives from arbitration rules and procedures a brief review finds that most arbitration rules. The New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards of 10 June 1958, also known as the 'New York Convention', is applied in the enforcement of most arbitral settlements.
