Nature of Arbitral Awards in Nigeria: an Overview

Michael .O. Adeleke, Oluwayemisi A. Adewole

Abstract


The need to explore other means of dispute resolution has resulted in the development of Alternative Dispute Resolution mechanisms, prominent among which is arbitration. Arbitration is the most regulated mechanism and is best suited for commercial relationships because, while it seeks to preserve existing relationships, it also ends in an award which is binding on the parties to the proceedings. The study examined the nature of arbitral awards through the lens of decided cases and the Arbitration and Conciliation Act, 2004. The study adopted the doctrinal method of research and relied on primary sources of information such as statutes, cases and conventions; as well as secondary sources of information such as books, journal articles and materials gotten from the internet, all subject to content analysis. The study found that the award, which is final and binding on the parties, has the same status as a judgment of the court in Nigeria when recognised and enforced, but may be set aside where any of the essential requirements are lacking. The study concluded by stating the need for everyone involved to take conscious steps from the beginning of the arbitration in order to end up with a valid and an enforceable award.


Keywords


Arbitration; Award; Recognition and enforcement; Setting aside

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References


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DOI: http://dx.doi.org/10.3968/11095

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