Dhaka Chamber of Commerce & Industry (DCCI) has recently signed a Memorandum of Understanding (MoU) with Bangladesh International Arbitration Centre (BIAC), the premier Alternative Dispute Resolution (ADR) institution in the country.
The MoU was signed at a simple ceremony at the BIAC secretariat on Thursday.
During 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 of 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.
Director, BIAC M A Akmall Hossain Azad and Acting Secretary General, DCCI Afsarul Arifeen signed the document on behalf of their respective organisations.
Under the MoU, 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, DCCI will recommend BIAC as 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 platform for institutional ADR.
Senior Vice President of DCCI, N K A Mobin FCA, FCS 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 during the ceremony.