By Section 3 of the Arbitration and Conciliation Act, the first step in commencing an arbitral process is the notice of arbitration. The law expressly states that the party initiating recourse to arbitration shall give a notice of arbitration to the other party. In law, ‘shall’ connotes a mandatory act. Courts have consistently reiterated that the notice of arbitration being akin to a pre-action notice is a vital step that should be first complied with. Proceedings are deemed to have commenced the day the notice is received by the other party. The standard notice includes:
The name and address of parties
The demand for the reference of the dispute to an arbitral tribunal
A reference to the Arbitral clause in the contract
General claims including monies claimed
A proposed number of arbitrators
For more information and questions, comment below or visit our website at www.businesslegal.ng to chat with a member of the team.