An Evaluation Of International Arbitration

An Evaluation Of International Arbitration

ASSIGNMENT:

INTRODUCTION TO INTERNATIONAL ARBITRATION



QUESTION: AN AWARD MUST BE COGENT, COMPLETE, CERTAIN, FINAL AND ENFORCEABLE. DISCUSS



Disputes generally, whether family disputes, communal disputes or commercial disputes encountered in the market place are unavoidable occurrences in our daily lives. As a result of this, various dispute resolution methods such as litigation, negotiation, mediation, arbitration and conciliation, amongst others have evolved over time to combat these disputes.

For the purpose of this discuss, it is important to delve briefly into the nature of Arbitration to ensure a deeper understanding of the subject matter Arbitration is an internationally recognized private law system where parties agree to submit their commercial dispute to be settled by an arbitrator(s) whose decision will be final and legally binding on them. The striking difference between arbitration and other dispute resolution methods is that it has the same force and effect as the judgment of a court of law and its decision (award) has a res judicata effect.

In Nigeria, arbitration has always been part of the traditional dispute resolution methods from time immemorial; however, arbitration was coded for the first time on 31st December, 1914 with the enactment of the Arbitration Ordinance, 1914. With the growing importance of arbitration in the country, the Arbitration and Conciliation Decree, 1988 (now CAP A18 of the Laws of Federation of Nigeria, 2004) was

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