The Regime Of Setting Aside Arbitral Awards: Effacious Or Antithetical To The Arbitral Process?

Background

Arbitration has over the years, evolved to become one of the most preferred methods of dispute resolution amongst national and multi-national undertakings. This is largely because arbitration is party centered, and disputes can be resolved by arbitrators of choice within agreed timelines unlike litigation where the parties have no control over the process. Businesses therefore tend to lean towards the use of arbitration for the resolution of their commercial or investment disputes. It is pertinent to note that the privacy and confidentiality in arbitral proceedings is also a major consideration for users of arbitration. Despite the advantages of arbitration, several concerns have consistently been expressed by users of the process. One of such concerns is the alarming rate at which the losing parties in arbitral proceedings apply to set aside arbitral awards therefore delaying the winning party from reaping the fruits of the award and negating the