The Rules of Arbitration under the auspices of the Lagos Centre are adapted from the United Nations Commission for International Trade Law (UNCITRAL) Arbitration Rules of 1976 with modifications introduced.
The modifications set forth in the Rules define the role andfunctions of the Centre in administering arbitrations; for example, the fixing of arbitrator(s) fees is in accordance with the Centre’s schedule of fees which are based on the amount in dispute, rather than on a daily rated basis. This is to encourage the expeditious conduct of the arbitration and to give the parties an indication of costs at the outset.
Other modifications include collection of deposits on account of fees and costs; ensuring compliance with the Rules and time limits; dealing with appointments, challenges and replacement of arbitrators; provision of facilities and assistance.
These modifications are institutional in nature and do not form part of the UNCITRAL Arbitration Rules which are rules for ad hoc arbitrations and are acceptable in Countries with different legal, social and economic systems.
The UNCITRAL Arbitration Rules have been recommended by the United Nations General Assembly by its Resolution No. XXX198 adopted on 15th December 1976 and have been widely accepted by the international community as a uniform body of modern Rules.`
The Rules of the Centre allow a great deal of flexibility in the conduct of arbitration proceedings and leave a wide discretion to the parties with regard to: the place of arbitration, the choice of arbitrators and the applicability of the procedural rules.