Document background
The Arbitration Submission Agreement is utilized when parties have an existing dispute and agree to resolve it through arbitration, rather than litigation in Nigerian courts. This document type is particularly crucial in the Nigerian business environment, where arbitration is increasingly preferred for its flexibility, confidentiality, and enforceability. The agreement must comply with the Nigerian Arbitration and Conciliation Act (ACA) while potentially incorporating international best practices. It typically includes detailed provisions about the dispute's scope, arbitrator selection, applicable laws, and procedural rules. This type of agreement is distinct from pre-dispute arbitration clauses as it is drafted with full knowledge of the dispute's nature and can be tailored specifically to address the particular circumstances. The document becomes especially relevant when parties either didn't have a pre-existing arbitration agreement or wish to modify their existing arbitration arrangements to better suit their current dispute.
