Advantages And Disadvantages Of Commercial Arbitration
INTRODUCTION: Commercial disputes are inevitable in commercial activities within an economy. While entering into a contract, parties may agree to a method of resolving dispute that may arise or where there is no prior agreement on the method of settlement of dispute, the parties usually seek for a method of resolving such dispute. This may be by the conventional process of Litigation or by Arbitration. The Oxford of Dictionary of Law defines Arbitration as the “determination of a dispute by one or more independent third parties (the Arbitrators) rather than by a court”. Furthermore, Section 57(1) of the Arbitration and Conciliation Act2, which is one of the Laws governing Arbitration in Nigeria, defines Arbitration to mean “a Commercial Arbitration whether or not administered by a permanent arbitral institution”. …show more content…
Litigation on the other hand is a process of settling a dispute in a competent court of law. It is the traditional system of settling disputes.4 Distinguished Chairman of this honorable Board, resolving a dispute by Arbitration rather than by litigation has many advantages. This paper addresses five out of the inexhaustible advantages of Arbitration over litigation. These
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