A Comparative Legal Analysis of the Application of Alternative Dispute Resolution (ADR) to Banking Disputes

Abstract

As a result of the ever increasing commercial activities, disagreements which sometimes result into full-blown disputes are bound to occur, requiring resolution, one way or the other. There is no doubt that commercial activities in the industrial and financial sectors, has increased tremendously and frequent disagreement and disputes are necessary occurrence requiring resolution. Whenever disputes occur in the commercial arena, two major hurdles face the disputing parties: How to resolve the disputes quickly, at the least cost and in a manner that will not stifle or disturb the continuum of their business activities. The aim of this paper is to examine the application of Alternative Dispute Resolution Techniques to banking disputes using a comparative approach.

Keywords: Alternative Dispute Resolution, Banking Disputes, Nigeria, Select Countries