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No. of pages: 124

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Abstract:

The crux of this essay was to study the practice of Alternative Dispute Resolution in Commercial Disputes and examined different ADR mechanisms and their strength and weaknesses. The study examined the workability and reality of these advantages and the disadvantages too in the world of commerce with a view to making appropriate recommendations.

The research methodology adopted in this study is the library research method. The study relied on primary and secondary sources of information. The primary sources include foreign and Nigerian statutes such as the Arbitration and Conciliation Act, the United Nations Commission on International Trade Law, judicial decisions and international conventions such as, United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, 1958 (the New York Convention). The secondary sources include textbooks, journals, articles and materials gotten from the internet.

This study found that the practice of Alternative Dispute Resolution in Commercial Disputes is increasing on the global platform and the Nigerian platform. This study also found that a perfect blend of ADR into the commercial world is necessary for effective dispute resolution. Although, ADR does come with its challenges, this study found that ADR is still a more viable alternative to commercial dispute resolution when considering the challenges of its counterpart – litigation.

The study concluded that both ADR and litigation must work concurrently as vehicles of dispute resolution in order to achieve both efficiency and effectiveness. This study further concluded that the features of each ADR mechanism are unique and that the choice of mechanism should be dependent on the specific nature of dispute and the aim of the parties concerned.