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ICC advocates maximum use of arbitration for resolving business disputes

by Business News Report

The International Chamber of Commerce (ICC) has called for the maximum use of arbitration in resolving commercial and business disputes. Prof. Gabriel Olawoyin, Chairman, ICC Nigeria Commission on Arbitration, made the call at a news briefing in Lagos.
Olawoyin said that disputes were inevitable in trade and commerce, hence the need to have in place effective and expeditious means of resolving them. He said that the dispute resolution role of the ICC Court of Arbitration and its impact on the growth and development of international trade and commerce could not be over-emphasised.
Olawoyin said that ICC arbitration had gained popularity because of the availability of competent arbitrators who specialised in the subject-matters of disputes. According to him, the confidentiality of the proceedings and the relative speed in the disposal of cases also made arbitration attractive for many multinational companies.
“Judgment debts awarded by the ICC Court are enforceable in our jurisdiction because Nigeria is a signatory to the New York Convention of 1958,” Olawoyin added. Olawoyin said that the ICC Court of Arbitration would formally launch its 2012 Arbitration and Alternative Dispute Resolution Rules in Lagos.
Also speaking, Mrs Olubunmi Osuntuyi, Secretary-General, ICC Nigeria, urged Nigerian companies to join the organisation in order to expand their business opportunities. Osuntuyi said that the launch, which would attract top international and local speakers, was aimed at enlightening Nigerian practitioners on the new rules of ICC Arbitration Court.

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