Parties who enter into international commercial transactions and wish to settles their disputes by arbitration may adopt the following Model Arbitration Clause in their agreement so that any dispute arising there from may be resolved in accordance with the Arbitration Rules of the Regional Centre for International Arbitration, Lagos.
Such an agreement to arbitrate may be incorporated in the contract out of which the dispute or differences have arisen, or in a separate and fresh agreement in writing; to settle any differences and disputes which may arise subsequently under the Rules and auspices of the Regional Centre for International Commercial Arbitration, Lagos.
“Any dispute, controversy or claim arising out of or relating to this contract, or the breach, termination or invalidity thereof, shall be settled by arbitration in accordance with the Rules for Arbitration of the Regional Centre for International Commercial Arbitration, Lagos”.
Parties may wish to add:
- The appointing authorities shall be the Regional Centre for International Commercial Arbitration, Lagos.
- The number of arbitrators shall be …. (one or three)
- The place of arbitration shall be …. (town or country)
- The language(s) to be used in the arbitral proceedings shall be …
- The law applicable to this contract shall be that of …