Singapore Convention on Mediation was signed by 46 countries, including Iran, in August 2019 and came into force in September 2020. The aim of the promulgation of the Convention is to provide an effective mechanism, akin to New York Convention, for enforcing settlement agreements resulting directly from mediation. The process and result of negotiations indicate that the future of the Convention is uncertain. The unwillingness of the EU, European countries and Japan on the one hand, and the lack of cultural and legal foundations in a given country that may consider the ratification of the Convention on the other hand, may amount to unsuccessful application of the Convention. This article illustrates problems and controversies raised at the time of drafting the Singapore Convention. It also demonstrates advantages and disadvantages of the possible ratification in Iran. It concludes that Iranian legal system is currently lacking a legal basis in terms of commercial mediation, and hence prior to the possible accession, Iran should adopt a legal framework for commercial mediation by inspiriting from UNCITRAL Model Law on Mediation.