Operators of micro, small, and medium enterprises (MSMEs) have been advised to take advantage of accelerated dispute resolution service to aid timely and effective dispute resolution.
Chairman, Chartered Institute of Arbitration, CIArb, Nigeria Branch, Mr. Olatunde Busari, SAN, gave this admonition at the launch of the CIArb Nigeria Branch/LCA Joint Expedited ADR-MSME Scheme in Lagos recently.
The event also saw the signing of a Memorandum of Understanding, MOU, between both organisations.
Busari recalled that the MSME arbitration scheme,launched in 2017, was developed by the CIArb Nigeria Branch, to promote and facilitate access to cost effective ADR and Arbitration for resolution of commercial dispute.
He said CIArb and Lagos Court Arbitration (LCA) had been exploring ways of working together on the scheme to be better deployed for the benefit of the community.
He said, “the scheme is intended to provide simple, cost effective and timely resolution of disputes within stipulated strict timelines ( 15-60 days) and is applicable to resolution of disputes with monetary value from N250,000 to N10 million, using either mediation or arbitration for a final enforceable decision on their matters.”
He explained that the scheme would support effort of improving the ease of doing business and effective dispute resolution in the commercial sector.
Signing the MOU, President of Lagos Court of Arbitration, Dr. Wale Olawoyin, SAN, stated that the collaboration between LCA/CIArb will lead to more training, experience and exposure for members.
He added that it would boost the efficiency and capacity of the LCA in fulfilling its core mandate of providing access to ADR services.
He stated that members of both organisations had been trained and equipped to operate in a virtual environment.
Olawoyin also encouraged various professional bodies, accountants, architects, estate surveyors, entrepreneurs and members of the business community to make use of this scheme.
He said this will enable them to benefit from the services of the LCA/CIArb professionals who are well learned in expedited dispute resolution methods.