HELEN MORONKEJI OGUNWUMIJU, JCA (Delivering the Leading Judgment): This is an appeal against the ruling of Honourable Justice A. O. Ajakaiye of the Federal High Court sitting in Lagos delivered on 12th July 2010. The undisputed facts that led to this appeal are as follows:
The Appellant entered into a time-charter agreement with the Respondent dated the 10th July 2009. The charter provided that the relations between the parties should be determined in accordance with the Laws of England and disputes referred to arbitration in London in accordance with the Arbitration act 1996. By a further agreement dated the 11th August 2009, the Appellant admitted that it was in breach of the charter agreement and acknowledged the lawful termination of the charter and the Respondent's entitlement to recover damages as stipulated in the said agreement. The agreement of 11th August 2009 also incorporated the arbitral provision as contained in the original charter party agreement between the parties. T…