The Scope of Arbitration Agreement in Nigeria : A General Overview

Arbitration is gradually gaining a strong footing in the resolution of disputes arising from corporate contracts within the Nigerian corporate space. While drafting commercial transactions, parties are at liberty to decide whether to include an arbitration clause to suffice as the first method to resort to in the event of a dispute in the course of executing such a contract. This inclination to resort to arbitration to resolve disputes within the Nigerian corporate space has kept litigation at bay in several incidents. The arbitration process involves more than just the parties to the contract creating a board of arbiters and inserting an arbitration clause into the agreement. The process still laced with peculiar features, which calls for appropriate comprehension. Therefore, taking cognizance of the influence of arbitration in the Nigerian Corporate Space , this research in summary establishes the relationship between arbitration and the contract in which the arbitral agreements are contained as well as the roles of the court in arbitral processes. Finally, this study highlights the areas of defects and weakness of arbitral agreements and makes comprehensive suggestions and recommendations for the effective practice of arbitration as an ADR mechanism in Nigeria