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Arbitration Agreement in Ghana: A Comprehensive Guide

Arbitration is a method of resolving disputes without going to court. It is a flexible and cost-effective process, which can be tailored to the specific needs of the parties. In Ghana, arbitration is a popular means of resolving commercial disputes, and many businesses include arbitration clauses in their contracts.

Arbitration agreement is a contract between two or more parties to submit their disputes to arbitration. It is important to note that an arbitration agreement can be a stand-alone agreement or incorporated into a larger contract. In Ghana, arbitration agreements are governed by the Alternative Dispute Resolution Act, 2010 (Act 798).

Key features of an arbitration agreement

An arbitration agreement must meet certain requirements to be enforceable in Ghana. These include:

1. The agreement must be in writing.

2. It must be signed by the parties or their authorized representatives.

3. The agreement must specify the disputes to be submitted to arbitration.

4. The agreement must specify the number and qualifications of arbitrators.

5. The agreement must specify the place of arbitration and the language to be used.

Advantages of arbitration

Arbitration has several advantages over litigation. These include:

1. Flexibility: Arbitration can be tailored to suit the specific needs of the parties.

2. Speed: Arbitration is often faster than litigation.

3. Confidentiality: Arbitration proceedings are confidential.

4. Cost-effective: Arbitration is often less expensive than litigation.

5. Expertise: Parties can choose arbitrators with expertise in their industry or field.

Enforcement of arbitration agreements in Ghana

Arbitration agreements are enforceable in Ghana under the Alternative Dispute Resolution Act, 2010 (Act 798). This means that if a party breaches an arbitration agreement, the other party can seek to enforce the agreement through the courts.

Conclusion

Arbitration is a popular means of resolving commercial disputes in Ghana. An arbitration agreement is a contract between two or more parties to submit their disputes to arbitration. It is important for businesses to include arbitration clauses in their contracts to avoid costly and time-consuming litigation. If you are considering arbitration as a means of resolving a dispute, it is recommended that you seek legal advice.

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Once a contract for sale has been signed, the purchasers have made a binding commitment to buy the property. This means that they are legally obligated to complete the purchase according to the terms set out in the contract.

For the purchasers, this means that they need to ensure they have the necessary finances in place to complete the purchase. This may involve arranging a mortgage or other financing, and making sure that all the necessary paperwork is in order.

It is also important for purchasers to carry out any necessary inspections or surveys on the property. This may include a home inspection, a pest inspection, or other specialized surveys. These inspections can help to identify any issues with the property that may need to be addressed before the purchase can be completed.

Once all of the necessary steps have been taken, the purchasers will need to complete the purchase by paying the agreed-upon purchase price and taking possession of the property. This may involve working with a real estate lawyer or other professionals to ensure that all of the legal requirements are met.

For sellers, once a contract for sale has been signed, they are also legally obligated to complete the sale. This means that they need to ensure that the property is in the condition agreed upon in the contract, and that they provide any necessary documentation to the purchasers.

Overall, once a contract for sale has been signed, both purchasers and sellers have a number of legal and financial obligations to fulfill. Proper planning and attention to detail can help to ensure that the purchase is completed smoothly and successfully.