NIGERIANS have been urged to embrace arbitration as an alternative dispute mechanism in order to save litigation time spent on normal court proceedings.
Chairman, The International Chamber of Commerce Nigeria (ICCN) Commission on Arbitration, Prof. Gabriel Olawoyin (SAN) made the call while addressing the media on the forthcoming launch of the Revised Rules of Arbitration 2012 (ICCN) scheduled for Wednesday, May 30, 2012 at the Jasmine Hall of Eko Hotel and Suites, Victoria Island, Lagos.
According to Olawoyin, the Arbitration Commission, composed of a pool of experts in the field of International Arbitration, is poised to ensure speedy and effective resolution of international business disputes.
Describing International Chamber of Commerce (ICC), as the voice of the world business which promotes trade and investment through its advocacy role and the activities of its various specialist commissions including the Arbitration Commission, Prof Olawoyin said the rules, which were recently revised after a study spanning a period of four years, was to ensure that it meets with users' needs.
The launch, under the auspices of the ICC Nigeria Commission on Arbitration, he said, is expected to provide enlightenment through facilitation by renowned international and local experts on the new provisions in the ICC rules.
"The new rules address areas of concern to users including the control of time and cost in arbitration, emergency arbitrator provisions, arbitrations involving multiple parties/consolidation and changes to facilitate the handling of disputes arising under investment treaties and free trade agreements. Thus, the revised rules take account of current requirements and developments in Arbitration Practice and Procedure.
The Guardian