RECOGNITION AND ENFORCEMENT OF INTERNATIONAL COMMERCIAL ARBITRAL AWARD: NEW YORK CONVENTION IN FOCUS

Abstract

An Arbitral Award is a decision of an Arbitral Tribunal delivered by the tribunal after its proceedings. The valid ingredients of a valid award are provided in section 26 of the Act which includes that the arbitral tribunal shall state the reasons for the award, the date on which the award was made, the place it was made, and it shall be written and signed by the arbitrators. The different types of awards are. Consent awards, final awards, interim awards, partial awards, interlocutory awards, self-executory awards, and additional awards. An award once it is rendered and published until it is set aside by a court of competent jurisdiction is final and binding on all the parties in the arbitration. The award shall be published to the parties alone. The award can only be made public with the consent of the parties to the arbitration agreement. This is because of the high level of confidentiality required in arbitration proceedings. Arbitration is an effective way to solve disputes, through which parties from different countries can be partially free from anyone’s local jurisdiction. However, the recognition and enforcement of international arbitration awards still rely on national court system. International arbitration awards can be enforced in Nigerian through 5 methods but we are concerned with enforcement under the New York Convention.