The real estate professional understands the big picture. He or She knows that each individual transaction, no matter how big or small, has an economic effect that ripples far beyond the parties gathered around the table.
“If a person charged with murder or any other offence which the law prescribes the death penalty pleads guilty to it, a plea of not guilty is to be recorded by the Court on his behalf and the case heard as if he had pleaded not guilty. In any other circumstance, his actual plea is to be recorded”.
Note however, that a superior court in Nigeria will not enforce any award under this Act if at the time of the application for its enforcement there exist an appeal in any court on the award for purposes of setting it aside or if it has wholly been satisfied or it could not be enforced by execution in the country of the original court.
Most arbitration agreements are entered into as exit strategies; they are inserted into agreements without much thought as to the dynamics of the arbitration proceedings in the event the contractual relationship actually goes wrong.
No partner wants to be the one proffering detailed solutions as to how their marriage should be dissolved if it gets to that, but as much as we all want a happy ending, some marriages must dissolve. Thus, when things go wrong, parties have to ensure that their arbitration agreements fulfil their expectations of an easy way out; the best ‘exit strategy’.