Dispute resolution abounds, but arbitration no doubt is the most used Alternative Dispute Resolution mechanism both domestically and internationally. The process of arbitration is used between parties to resolve disputes arising out of commercial/contractual agreements, without the formalities of litigation and regular court procedures. The enhancement of relationships between conflicting parties gave rise to the growth and development of Arbitration as an alternative means of settling disputes. This form of dispute settlement has become very popular because it reduces time and cost which would have been wasted in the process of litigation.