The MSME Dispute Resolution Scheme is developed by the Lagos Court of Arbitration and the Chartered Institute of Arbitrators (Nigeria Branch) to promote and facilitate access by Micro, Small and Medium Enterprises (MSME) to arbitration, mediation and online facilities for resolution of commercial disputes.
The scheme is intended to provide simple, cost effective and timely resolution of disputes by the final, legally binding and enforceable decisions of Sole Arbitrators and Mediators, in less than 90 days from their appointment or as soon as practicable.
Parties interested in use of this scheme shall apply to the joint board of the President of the Lagos Court of Arbitration and the Chairman of the CIArb (Nigeria Branch) for the service.
Parties are advised to insert recommended ‘Alternate Dispute Resolution Clauses’ in their commercial contracts, invoices or receipts issued as proof of their obligatory performance, provided the recipients of such invoices or receipts sign on them in acceptance of the Alternate Dispute Resolution agreement.
Benefits of the MSME Alternate Dispute Resolution Scheme
Minimized Fees and Pre-determined Costs:- The scheme offers convenience of pre-determined, low budget arbitration and mediation costs. Arbitrators’ and Mediators’ fees are fixed. In addition, all parties expenses recoverable are known from the onset.
Speed:- The Arbitration and Mediation are concluded and award issued within the shortest possible time.
Minimized Formalities:- Formal procedural steps are kept to a minimum.
Simplicity:- The scheme is very simple, legal representation may be unnecessary.
Privacy and Confidentiality:- The process is private and confidential.
Enforceability:- An award or settlement from the Scheme is final, binding and can be enforced by courts like any court judgment.
For further information please visit ciarb-lcascheme.com