Dhaka Chamber of Commerce and Industry (DCCI) President Shams Mahmud stressed the need for promoting Alternative Dispute Resolution (ADR) mechanism among the business community.
He also opined that ADR will help small and medium enterprises to a great extent in quick dispensation of disputes originated from business contracts.DCCI president made the comments at a signing ceremony between DCCI and Bangladesh International Arbitration Centre (BIAC) at BIAC secretariat in the city on Friday.
At the signing ceremony, 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.
Chief Executive Officer of BIAC Muhammad A 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.
Ali offered BIAC’s facilities to DCCI and its members to resolve disputes arising out between parties from within and outside of the Chamber.
BIAC Director M A Akmall Hossain Azad and DCCI Acting Secretary General, 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.