What are the 3 types of international trade dispute resolutions?
What are the 3 types of international trade dispute resolutions?
There are three commonly used methods of resolving disputes without going to court:
- negotiation.
- mediation.
- arbitration.
Who bears the cost of arbitration in Nigeria?
the unsuccessful party
This general principle connotes that the unsuccessful party bears the cost i.e., the cost of the arbitration proceedings shall be paid by the unsuccessful party to the successful party. Article 40 (1) & (2) of the ICC Rules of Arbitration upholds this principle.
How much does arbitration cost in Nigeria?
For commercial disputes with monetary value from N250,000.00K (two hundred and fifty thousand naira) to N1,000,000.00K (one million naira), Arbitrator’s Fee is fixed at N50,000.00K (fifty thousand naira) and all other recoverable arbitration and party expenses will be capped at a maximum of N25,000.00K (twenty five …
Is arbitration binding in Nigeria?
By the provisions of the New York Convention, Nigerian Courts are mandated to recognize and enforce arbitration awards as binding and enforceable.
Is arbitration expensive?
Cost – arbitration is sometimes cheaper than litigation particularly where the parties achieve procedural efficiencies by agreement. However, this is not always the case. In a court claim, there are some court fees, but essentially the parties obtain the services of the court and the judge for free.
Who are the parties in arbitration?
The party is the person(s) or business that is involved in the dispute in the arbitration process. Usually, these are the people or businesses that have an arbitration agreement between them that specifies that a dispute should be resolved by arbitration.
What are the steps in the arbitration process?
To give you an idea of the process that arbitration typically involves, the American Arbitration Association describes artibtration as having five main steps:
- Filing and initiation.
- Arbitrator selection.
- Preliminary hearing.
- Information exchange and preparation.
- Hearings.
- Post hearing submissions.
- Award.
Can parties go to court after arbitration?
Once the parties have arrived at a settlement is respect of any dispute or difference arising under a contract and the dispute is amicably settled by way of a final settlement by and between the parties, it is not open to either of the parties to such settlement to turn around and invoke arbitration to revive the …
Which disputes are not subject to arbitration in Nigeria?
Therefore, disputes bordering on tax, crime, matrimonial, rape, labour related issues amongst others are not subject to arbitration. A developing economy such as Nigeria depends heavily on foreign investment in order to grow its economy.
How to enforce a Foreign Arbitral Award in Nigeria?
In Nigeria there are generally four ways to enforce foreign arbitral awards: Enforcement through an action upon the award under common law.
Can arbitration be used to resolve disputes?
An unprecedented number of nations have adopted legislations and procedures that promote the use of Arbitration as an alternative means for resolving disputes. Arbitration can however only be used in commercial disputes.
Is arbitration a subject matter to be legislation?
The Constitution permits each State is to pass legislations on any subject matter provided it is not on the exclusive legislative list of the Federal legislature. There is no doubt that globally arbitration has become the quintessential vehicle for the resolution of commercial disputes over traditional litigation in the Law courts.
