Considering the cost implications to businesses, experts and practitioners in ADRs have advocated arbitration as a prominent method of dispute resolution.
According to them, while recourse to arbitration is on the rise as a prominent method of dispute resolution, the right ethical conduct is becoming even more important than ever in ensuring fair and effective outcome as this will maintain the integrity of the system as well as confidence of the public in the process.
The experts made the submission at the 2021 Annual Conference and Investiture Award Ceremony of the Nigerian Institute of Chartered Arbitrators (NICArb) held in Lagos recently.
The conference, which was held for the first time in the history of the institute, as a hybrid conference, was themed: Disruption and The New Normal in Arbitration/ADR- A Way Forward.
The conference focused on providing a forum for users, experts and practitioners in arbitration and other ADRs across sectors in the African Continent and beyond, to discuss, share knowledge and proffer solutions from the aftermath of COVID 19 disruptions.
While the impact of COVID-19 is felt differently among nations, the experts submitted that the consequential effect on arbitration and other forms of ADR remains a thing of great concern.
The presentations therefore showed that practitioners must continue to evolve ways of surmounting them and move the arbitration practice forward, despite the limitations.
The disruption has created a new narrative and a new normal and the expectation is for a the more pragmatic approach of fashioning a way forward in order to adapt to the disruption and harness the benefits of the resultant changes.
With the future of Arbitration and the future of the world being remote, decentralised and digital, the experts said there is a fusion for in person and virtual experience referred to as a hybrid as that is the future of Arbitration proceedings.
The conference had over 200 delegates physically and over 100 delegates online with about 50 speakers from all over the world who participated in the annual conference.
The conference commenced with the welcome remarks by Sir Oladipo Opeseyi, SAN, FCArb, Chairman, 2021 Annual Conference Planning Committee, while the welcome address was delivered by Professor Fabian Ajogwu, SAN, incoming President and Chairman of Governing Council of the institute.
The conference concluded that while the Covid 19 social distancing world has brought virtual meetings to the fore for many businesses and government organs including courts, the arbitration community and the ADR community in general is better equipped to take the stage and lead in the resolution of issues between disputing parties who are confined to their rooms because of the ban on international travels.
Also, the conference alluded to the fact that the arbitration community and the ADR community in general is also better equipped to lead in the resolution of commercial issues with its more efficient procedures and ease with which its procedures can be adopted to the virtual environment limited only by the consent of the parties.
According to the experts, while some advantages of virtual arbitration/ADR includes fast, flexible and cost effective, as many countries and business grapple with the harsh economic realities occasioned by the devastating effect of covid 19 on the economy, virtual arbitration/ADR provides a versatile solution in the resolution of disputes.
To them, the NICArb’s global network and indeed that of other African countries means that it can develop and implement localised strategies for meeting these goals.
“Working collectively, these countries can accomplish each of these strategies, aims and continue its rightful place as the world class certification and professional body for dispute avoidance and management,” they submitted.
Meanwhile, the Lagos State Government said it has intensified efforts to make the state a hub for arbitration processes both internationally and domestic .
According to the state government, this will assist to guarantee investors that their investments are safe and guided by the rule of law and by so doing, boost investment and investor’s confidence.
Unlike litigation, arbitration presents a new frontier in today’s evolving world and this represents the future which Lagos State said it has embraced and as theme of the Conference shows, we are in the new normal which shows that potential technology is not destructive to the rule of law but an enabler to increase access to justice.
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