Meaning of the term arbitration
This is a method of settlement of civil disputes out of court arbitrators or arbitral tribunals that make arbitral awards. A dispute may be referred to arbitration the disputing parties, statute or a court of law. Arbitrators may be appointed the parties, a 3rd party of a court of law on application. Arbitrators enjoy certain powers;
- An arbitral award may be set aside a court of law in application.
- The law on arbitration is contained in the Arbitration Act, 1995.