Mediation Agreements Notarization in Banking Sector

The paper analyzes the current legislation in the field of mediation and notarization of mediation agreements. It is noted that the agreement became enforceable when, according to the law, the agreement reached by the parties as a result of the mediation procedure conducted without submitting the dispute to the court or arbitration was given the force of an enforcement order provided it was notarized. The emergence of such a mechanism simplified enforceability of mediation agreements and attracted attention of the community, which gave rise to an increase in appeals to the mediation procedure and a simultaneous increase in the cost of the procedure in connection with the notarization of mediation agreements. The authors summarized the experience of conducting bank mediation procedures and identified issues arising during the notarization of mediation agreements. The paper summarizes the practical aspects that, according to the authors, hinder the development of mediation procedures in the banking sector of the economy. The paper formulates proposals aimed at improving the procedure under consideration.

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