WHAT YOU SHOULD KNOW
The use of Three Tier ADR CLAUSES is recommended as a Dispute Resolution tool for modern day Agreements.
1. In the event of any dispute, difference or claim arising out of or in connection with this agreement, the parties shall meet in good faith, within a month of the knowledge of the dispute, for negotiations in an effort to resolve the dispute amicably.
2. If the dispute is not settled by negotiation within 14 days of commencement of such negotiations or within a longer period as agreed to by the parties, the dispute, difference or claim shall be referred to the Lagos Multi-Door Courthouse for mediation which shall be concluded in accordance with the LMDC Mediation Procedure Rules or other rules mutually agreed by the parties.
3. If the parties fail to reach a settlement via mediation within 14 days, the matter shall be settled by arbitration in accordance with the Arbitration and Conciliation Act, Laws of the Federation of Nigeria (LFN) 1990. The Arbitration shall be conducted by a sole arbitrator to be appointed by the LMDC or such other office or body as agreed by the parties. Provided Always that the parties may by mutual agreement extend the period of time specified in their agreement or opt for the appointment of three arbitrators as against a Sole Arbitrator if considered desirable. Such appointment shall be in accordance with the Arbitration and Conciliation Act, LFN, 1990.