The Nigerian Institute of Chartered Arbitrators (NICArb) recently organized an insightful webinar aimed at demystifying the complexities surrounding arbitral awards.
The event held virtually on the 26th of March 2024 and attracted a diverse range of participants, including legal professionals, arbitration practitioners, and students, who were eager to learn more about this crucial aspect of the alternative dispute resolution process.
The webinar was free to active members of the institute and other non-members or inactive members paid a token of 20,000 Naira to participate.
289 registered for the webinar and was attended by 157 (18 non-members)
The webinar which was moderated by Miss Simi Owoeye, the institute’s ADR Administrator commenced with opening remarks by the NICArb Registrar/CEO, who emphasized the importance of understanding arbitral awards in fostering a more efficient and effective dispute resolution system in Nigeria. The facilitators, Prof Abiola Sanni, SAN, FCArb and Mrs. Clara Umeano, FCArb provided a comprehensive overview of arbitral awards, discussing their legal framework, the role of arbitrators, and the factors that influence the award’s enforceability.
Throughout the webinar, participants engaged in a series of interactive sessions, where they delved deeper into the intricacies of arbitral awards. Key topics discussed included the drafting of awards, the importance of maintaining impartiality and fairness, and the various challenges that may arise during the award-writing process.
The facilitators highlighted the significance of clear and concise language, thorough documentation, and the need for a comprehensive understanding of the underlying dispute to ensure the award’s effectiveness and enforceability.
In conclusion, the webinar proved to be an enlightening and engaging event. It successfully provided valuable insights into the complexities of arbitral awards and emphasized the importance of continuous learning and professional development in the field of arbitration. NICArb remains committed to fostering a community of skilled arbitration professionals who contribute to a more harmonious and prosperous business environment in Nigeria.
