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The Dhaka Chamber of Commerce and Industry (DCCI) signed a Memorandum of Understanding (MoU) with Bangladesh International Arbitration Centre (BIAC) at the BIAC Secretariat in the capital on November 26 in a bid to promote institutional ADR.
Director of BIAC MA Akmall Hossain Azad and Acting Secretary General of DCCI Afsarul Arifeen signed the document on behalf of their respective organizations, said a DCCI press release today.
Under the MoU, DCCI will recommend BIAC as a forum for arbitration and mediation for resolving any dispute arising out of trade, commerce and investment made in Bangladesh or by Bangladeshi individuals, entity or company outside Bangladesh with foreign individuals, entity or company as well as contractual and other related matters.
Both the parties shall exchange technical assistance for conducting mediation and arbitration proceedings.
The release said both DCCI and BIAC will also plan and implement joint programmes like seminar, webinar, workshop, training and consultation in order to promote BIAC as platform for institutional ADR.
In the signing ceremony, Muhammad A. (Rumee) Ali, Chief Executive Officer of BIAC, 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 practiced process of a win-win, compromising gain where disputes are resolved in a cost effective, confidential and neutral manner.
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.
Senior Vice President of DCCI NKA Mobin also spoke on the occasion and hoped that signing of the MoU between DCCI and BIAC 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.
(BSS)
