The Applicable Law Arbitration Agreement is a crucial document for parties engaging in commercial transactions or business relationships in Nigeria who wish to have their disputes resolved through arbitration under Nigerian law. This agreement becomes particularly important in the context of Nigeria's growing commercial sector and its position as Africa's largest economy. The document addresses key aspects required under the Nigerian Arbitration and Conciliation Act, including the choice of Nigerian law as the governing law, arbitration procedures, appointment of arbitrators, and enforcement provisions. It is designed to provide clarity and certainty in dispute resolution while ensuring compliance with Nigerian legal requirements and international arbitration standards. The agreement is commonly used in various commercial contexts, from joint ventures to international trade agreements, where parties seek a structured and efficient dispute resolution mechanism within the Nigerian legal framework.
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1. Parties: Identification and details of all parties entering into the arbitration agreement
2. Background: Context and circumstances leading to the arbitration agreement
3. Definitions: Key terms used throughout the agreement
4. Agreement to Arbitrate: Core agreement to submit disputes to arbitration, including scope of arbitrable matters
5. Applicable Law: Specification of Nigerian law as the governing law and reference to relevant legislation
6. Seat of Arbitration: Designation of the arbitration seat within Nigeria
7. Arbitration Rules: Rules governing the conduct of arbitration proceedings
8. Appointment of Arbitrators: Process for selecting and appointing arbitrators
9. Language of Arbitration: Specification of English as the language of proceedings
10. Confidentiality: Obligations regarding confidentiality of proceedings and materials
11. Costs: Allocation of arbitration costs and expenses
12. Enforcement: Provisions regarding enforcement of arbitral awards
1. Emergency Arbitrator: Provisions for appointment of emergency arbitrator for urgent relief
2. Multi-party Provisions: Special provisions for cases involving multiple parties
3. Interim Measures: Procedures for obtaining interim or conservatory measures
4. Expert Determination: Provisions for technical matters to be referred to expert determination
5. Med-Arb Clause: Provision for attempting mediation before proceeding to arbitration
6. Technology and Virtual Hearings: Provisions for conducting virtual hearings and using technology
7. Appeals: Provisions regarding appeals of arbitral awards where permitted
1. Schedule 1: Arbitration Rules: Detailed procedural rules governing the arbitration
2. Schedule 2: Party Details: Complete contact information and details of all parties
3. Schedule 3: Arbitrator Qualifications: Required qualifications and experience for arbitrators
4. Appendix A: Notice Requirements: Forms and procedures for serving notices under the agreement
5. Appendix B: Fee Schedule: Schedule of arbitration fees and costs
6. Appendix C: Timeline: Standard timeline for various stages of the arbitration process
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