LIMITATION OF ACTION FOR THE ENFORCEMENT OF ARBITRALAWARD: ARBITRATION AND MEDIATION ACT 2023 OCASSIONING A NEW DAWN

ABSTRACT

Arbitration as a method of dispute resolution is heralding commercial contracts. This is because of its efficiency, flexibility, and quicker approach to resolving disputes. Although arbitration is largely consulted because of its time-saving effect, the period of negotiation down to the grant of an arbitral award may, in some instances, take time, and the party who owes the obligation to satisfy the grant of the award may, in certain cases, refuse to comply. The award creditor may approach the court to enforce the arbitral award. A burdening question over the years on both the side of the award creditor and legal practitioners has been:when does the period of limitation begin to count to make an action for the enforcement of anarbitral award statue barred? Both parties have been embraced by the hardships of thelimitation laws brought about by a lack of statutory provisions on the issue and the inadequacy of judges in applying the correct principles. The erstwhile Arbitration and Conciliation Act 1988 was silent on this issue. The courts then resorted to the statutory periodof six years to bar further actions in civil disputes. The essence of this research is to evaluate statutory provisions and judicial interpretation as regards the enforcement of arbitral awards, procedures for enforcing arbitral awards, the loophole that the Arbitration and Mediation Act 2023 has come to eliminate, possible shortcomings that may be encountered when the applicability of the new law is contested in court, predict judicial interpretation of the new law, conduct a brief comparative analysis, and possibly propose a way in which the law can further be developed to become a catalyst in global arbitration practices. The doctrinalresearch methodology would be adopted, encompassing primary and secondary sources.