A Legal Appraisal of the Limitations to the Practice of Arbitration in Nigeria: A Review of the Arbitration and Mediation Act 2023

Abstract

Dispute resolution abounds, but arbitration no doubt is the most used Alternative Dispute Resolution mechanism both domestically and internationally. The process of arbitration is used between parties to resolve disputes arising out of commercial/contractual agreements, without the formalities of litigation and regular court procedures. The enhancement of relationship between conflicting parties gave rise to the growth and development of Arbitration as an alternative means of settling disputes. This form of dispute settlement has become very popular because it reduces time and cost which would have been wasted in the process of litigation.

Keywords: Arbitration, Limitations to Arbitration, Legal Appraisal, Review, Arbitration and Mediation Act

JEL Classification: K49