AMINA ADAMU AUGIE, JCA (Delivering the Leading Judgment): The Respondent deals with the importation and the sale of building materials, including iron rods of different sizes, while the Appellant is a Civil Works and Construction Company. By two Local Purchase Orders [LPOs] dated 14th and 15th of May 2009, the Appellant ordered for 210 tons of Y10MM Iron Rods (Ukraine Imported) valued at 33,600,000 and 60 tons of Y25MM Iron Rods (Ukraine Imported) valued at ₦9,600,000 respectively, from the Respondent. Both LPOs contain an arbitral clause that stipulates as follows-
"All disputes which may arise out of the order shall he referred to an Arbitrator nominate (sic) by the President to (sic) the time being of the Lagos State Chamber of Commerce, This clause should be deemed to be a submission to arbitration within the meaning of the law from time (sic) enforced in Nigeria."
It was also specified in the LPOs that payment for the iron rods supplied shall be made "30 days after the last deliv…