Section 1 Arbitration and Mediation Act
Section 1 Arbitration and Mediation Act 2023 is about Objectives and application. It is under Part I (Arbitration) of the Act.
(1) The objective of this Part is to promote fair resolution of disputes by an impartial tribunal without unnecessary delay or expense.
(2) Parties to a dispute are at liberty to decide the means by which their disputes may be resolved, provided they adhere to measures that are necessary to promote peaceful existence and protect public interest.
(3) An arbitration agreement between parties for settlement of dispute shall be binding on parties and enforceable against each of the parties to the exclusion of any other dispute resolution method unless the parties otherwise provide or the agreement is void.
(4) Parties, arbitrators, arbitral institutions, appointing authorities and the court shall do all things necessary for the proper and expeditious conduct of the arbitral proceedings.
(5) This Part shall apply to –
(a) international commercial arbitration, subject to any agreement in force between Federal Republic of Nigeria and any other country or countries;
(b) inter-state commercial arbitration within the Federal Republic of Nigeria; and
(c) commercial arbitration within the Federal Republic of Nigeria
(6) The provisions of this Part shall apply, where the seat of the arbitration is in the territory of the Federal Republic of Nigeria.
(7) The powers of the Court under this subsection shall apply even where the seat of the arbitration is outside the Federal Republic of Nigeria or the parties have not designated the seat or no seat has been determined –
(a) section 5 (power to stay court proceedings);
(b) section 19 (power of Court to grant interim measures of protection);
(c) section 28 (recognition and enforcement of interim measures);
(d) section 29 (refusing recognition and enforcement of interim measures);
(e) section 43 (securing the attendance of witnesses);
(f) section 57 (recognition and enforcement of awards); and
(g) section 58 (refusing recognition and enforcement of awards).
