Common Contracts
1 similar Arbitration Agreement contracts
CASE DIGESTArbitration Agreement • September 7th, 2022
Chevron Nigerian Ltd. (the Appellant) and Owah Unik Consultants (the Respondent) having entered into an Agreement for architectural and engineering services had a dispute in relation to the performance of certain terms, and in accordance with the Agreement, referred the dispute to a Sole Arbitrator. Upon the conclusion of the arbitral proceedings, the Arbitrator decided in favour of the Respondent, stating that payments due to the Respondent shall be calculated at the rate of US $1: N116 being the Central Bank of Nigeria (CBN) foreign exchange rate prevailing at the date of the award, as against US$1: N4.2 found in the Agreement, consequent upon which the Appellant approached the lower Court by way of an Originating motion, to set aside the arbitral award. The learned trial Judge, after considering the application of the Appellant, refused to set aside the award of the sole arbitrator and consequently, dismissed the Originating Motion.
