Inserting Arbitration clauses in construction contracts will not only assist the industry and the arbitration community in settling construction disputes efficiently, it will also give practitioners more recognition.
This advice was given by the institute of construction industry arbitrators to newly inducted fellows and members.
These construction arbitrators say disputes within the industry must be resolved speedily.
But litigation at the regular courts is protracted, causing the projects to suffer from delays, rising cost and abandonment
This makes alternative dispute resolution mechanisms such as arbitration preferable.
After rigorous trainings, eight more fellows and 19 members have now been inducted at the institute of construction industry Arbitrators.
ICIArb says t the five senior advocates of Nigeria who’ve joined it’s ranks of qualified professionals shows that lawyers who previously were in short supply in the construction industry are growing interest in construction Arbitration.
Experts hope appreciation for arbitration will improve so as to boost investment in this sector and ultimately national development.
