Dhaka Chamber of Commerce & Industry (DCCI) has signed a Memorandum of Understanding (MoU) with Bangladesh International Arbitration Centre (BIAC), an Alternative Dispute Resolution (ADR) institution.
BIAC Director M A Akmall Hossain Azad and DCCI Acting Secretary General Afsarul Arifeen signed the document on behalf of their respective organisations at a ceremony held at the BIAC Secretariat in Dhaka on Thursday.
During the signing ceremony, BIAC Chief Executive Officer Muhammad A (Rumee) Ali explained BIAC’s Institutional ADR services under its own Rules of Arbitration and Mediation to help resolve commercial disputes outside courts.
He said that ADR is an internationally practised process of a win-win, compromising gain where disputes are resolved in a cost-effective, confidential and neutral manner.
Mr Ali offered BIAC’s facilities to DCCI and its members to resolve disputes arising out between parties from within and outside of the Chamber.
DCCI President Shams Mahmud said that arbitration and mediation are effective tools of commercial dispute resolution and the members of DCCI will get the benefits of these tools through institutional support by BIAC, the only registered ADR institution in the country.
Mahmud stressed the need for promoting ADR mechanism among the business community and opined that ADR will help small and medium enterprises to a great extent in quick dispensation of disputes originated from business contracts.
Under the MoU, for resolving any dispute arising out of the trade, commerce and investment made in Bangladesh or by Bangladeshi individuals, entities or companies outside Bangladesh with foreign individuals, entities or companies as well as contractual and other related matters, DCCI will recommend BIAC as a forum for arbitration and mediation.
Both the parties shall exchange technical assistance for conducting mediation and arbitration proceedings. Both DCCI and BIAC will also plan and implement joint programmes like seminar, webinar, workshop, training and consultation in order to promote BIAC as a platform for institutional ADR.
DCCI Senior Vice President N K A Mobin FCA, FCS also spoke on the occasion and hoped that signing of the MoU will usher in a new era in the country’s business arena in resolving contractual disputes.
BIAC General Manager Mahbuba Rahman Runa and Counsel Rubaiya Ehsan Karishma were also present during the ceremony.
