ALTERNATIVE DISPUTE RESOLUTION MECHANISM IN COMMERCIAL TRANSACTIONS: NIGERIA, ENGLAND, UNITED STATES, AUSTRALIA AND INDIA

Abstract

Disputes are inevitable among people in any nation; whether domestic, international, civil, commercial or economic in nature. Litigation has been the normal mode of resolving disputes, by the parties. This paper examined alternative dispute resolution as a means of peaceful settlement of matters in commercial circles in diverse jurisdictions, using judicial pronouncements and statutes. It was the findings of this paper that, there are disputes which are sensitive in nature and disputants may prefer settlement in private to one in the court. Litigation often results in increased costs which disputants are naturally anxious to avoid. It was recommended the use of alternative dispute mechanism in resolving commercial disputes should be sustained and improved upon. The principles of Alternative Dispute Resolution (ADR) should be incorporated into our legal system and justice delivery system. Alternative dispute resolution must be done in line with international best practices to facilitate development in the economy of these selected jurisdictions. The national Assembly should enact pragmatic laws in these areas and there should be more public enlightenment campaigns of alternative dispute resolution methods in commercial transaction.