ADAMU JAURO, JSC (Delivering the Leading Judgment): The appeal herein is against the judgment of the Court of Appeal, Port Harcourt Division which set aside the ruling of the High Court of Rivers State.
FACTS CULMINATING IN THE APPEAL
The Appellant and the Respondents entered into an agreement for the supply, by the former, of various forms of equipment to the latter, in order that the Respondents could fulfil their obligations under a contract with the Nigerian National Petroleum Corporation (NNPC) for the refurbishment of-Bonny Export Terminal in Rivers State. The agreement between the parties is governed by a contract titled "Standard Conditions of Purchase". clause 26 of the contract provides that in the event that any dispute between the parties cannot be settled by negotiations, such dispute shall be referred to and finally settled by arbitration.
It was the case of the Appellant as can be gleaned from its Statement of Claim that the initial contract sum was $8,877,944.00, but sam…