Arbitration Agreement - Template, Sample Form

ARBITRATION AGREEMENT

THIS ARBITRATION AGREEMENT is made this ________ (the "Effective Date") between the following parties:

________, of the following address:

________

AND

________, of the following address:

________

The Parties may individually referred to as (the "Party" which expression shall where the context so admits include its successors-in-title and assigns) and collectively referred to as the "Parties".

BACKGROUND

A. The Parties have entered into a legal relationship properly described in this Agreement and desire to settle disputes arising from their relationship through arbitration.

B. By virtue of this Agreement, the Parties agree and undertake to waive their rights to have disputes arising from this legal relation resolved by a court of law.

Therefore, in consideration of the promises and covenants hereinafter contained in this Agreement, as well as other valuable consideration, the receipt of which is hereby acknowledged, the Parties hereby agree as follows:

1. LEGAL RELATIONSHIP

The Parties have agreed to enter a legal relationship which is described as follows:

________

This legal relationship is entered by virtue of the following contract: ________ entered into and executed on ________.

2. ARBITRATION

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3. ARBITRATORS

The arbitral tribunal shall consist of ________ arbitrators who shall be elected in the following manner:

________

An arbitrator shall be challenged if there are circumstances that gives rise to the justifiable doubt about the arbitrator's impartiality or independence.

Any Party wishing to challenge such arbitrator shall do so in the following manner:

________

4. PROCEDURE

The arbitration proceedings shall be held in: ________ and conducted in ________ language in accordance with the provisions of the following arbitration rules:

________

Each Party shall bear their own cost and expenses in relation to the arbitration proceedings except where an award has been made by the arbitrators for cost to be borne by a particular Party.

The arbitral tribunal shall give adequate notice of the date, time, and place of the hearing.

The decision of the arbitrator(s) shall be final and binding on all the Parties and shall be enforced by any competent court.

5. ARBITRATION AWARD

If any award is granted by the arbitrators, such award shall be binding on all the Parties.

The award shall be in writing, signed by the arbitrators and shall state the reasons for which the decision is based.

The arbitrators may impose sanctions or penalties on any Party for failure to comply with any of the terms and conditions of this Agreement.

6. GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria, and the arbitration proceedings shall be conducted in conformity with the provisions of the Arbitration and Conciliation Act and any other applicable laws.

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IN WITNESS WHEREOF the Parties hereto have executed this Agreement this day and year first written above.

SIGNED by ________

___________________________

in the presence of:

Name................................................................................................................

Address.............................................................................................................

Occupation........................................................................................................

Signature..........................................................................................................

SIGNED by ________

___________________________

in the presence of:

Name................................................................................................................

Address.............................................................................................................

Occupation........................................................................................................

Signature..........................................................................................................