Where To Go The Floating Arbitration Agreement

 15 October 2021      

In arbitration, an inherent and unavoidable consequence of disputes of an international character is the interaction of relevant and applicable laws in applicable agreements, arbitration agreements and the conduct of proceedings. Nigerian courts have adopted a seat-based approach to resolving the difficulties associated with this interaction of laws in international arbitration. Unless the parties have established the law of the arbitration clause, which is often not the case, this uncertainty also extends to matters governed by the law of the arbitration clause, such as. B its validity. We therefore also recommend that the parties expressly adopt the right of seat as the law of the arbitration clause. The idea that reciprocity is a prerequisite for a valid arbitration agreement has long been rejected. [2] All that is needed is that there is a contract that establishes a subscription right (unilateral or bilateral). [3] The parties have the right to grant a unilateral right of arbitration upon your revocation. [4] But the term “seat” can be confidently confused with the “place” of arbitration The Court further noted that “the appropriate legal analysis is that an option constitutes an offer to enter into a contract that can be accepted by exercising the option, [sic] here the option was exercised in writing.” Applicable law does not require each Party to sign a document with its terms. The court therefore ruled that the arbitration agreement was written, whether the wording was only the lease or the lease and the termination together. The PARTIES to an international contract sometimes manage to agree on the substantive law applicable to disputes that may arise in the context of their contractual relationship. This phenomenon is more common in the context of government contracts, particularly natural resource investment agreements between a state and a foreign private party.1 Sometimes disagreements arise between the parties because of their conflicting interests.

As one respected lawyer so aptly put it:2 The plaintiff sought a finding that “there is a valid and binding arbitration agreement that provides that disputes arising out of a lease of October 25, 2017 … are submitted to arbitration by the ADGM Arbitration Centre in accordance with the ICC Arbitration Rules. .