Arbitration Lawyer In Bangladesh
Considering the piles of cases pending in the courts of Bangladesh, the need of arbitration lawyer in Bangladesh is an absolute necessity and it seems obvious that people are looking for an alternative venue for dispute resolution. Commercial enterprises, especially, cannot afford to lose time and money behind litigation and as such often they resort to alternative dispute resolution methods, in most cases they opt for arbitration.
Bangladesh Arbitration Act 2001 is effective from 10th April 2001. The birth of this Act was a significant legislative step as it was created majorly to enhance foreign investment and export trade in Bangladesh.
FM Associates has the best arbitration lawyers in Bangladesh. In arbitration, the parties in dispute seek redress from neutral third party/parties, known as arbitrator(s) and the concerned parties; by means of agreement they agree to the fact that whatever award is provided by the arbitrator(s) shall be final and binding on them.
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The parties interested in arbitration reserve the right to agree on a procedure for appointing the arbitrator or arbitrators who will act as the judge in the arbitration. There is no restriction as to the nationality of the arbitrator; so the arbitrator can be of any nationality, unless and until the parties have agreed otherwise. If the parties fail to agree on who should be appointed as the sole arbitrator, within thirty days from receipt of a request by one party to the other party, the District Judge will appoint the arbitrator instead of the relevant parties. However, in case of international commercial arbitration, each party reserves the right to appoint one arbitrator, and the two appointed arbitrators shall appoint the third arbitrator who will be Chairman of the arbitral tribunal.
The use of an arbitration clause in commercial agreements is now quite common. The reasons behind such widespread acceptability of arbitration in Bangladesh are mainly the judicial gridlock created in the courts, the flexibility offered by arbitration i.e. the parties can mutually choose to adopt ad-hoc or institutional arbitration, can decide upon the number of arbitrators and also choose the venue/seat of arbitration which means the parties can choose to arbitrate both in and beyond Bangladesh. It not only saves time and money for the concerned parties, but it also gives greater scope of being heard and represented without the hassles involved in litigation.
Arbitration in Bangladesh either- ad hoc, institutional or fast track is governed by the section 89B of the Code of Civil Procedure and Arbitration Act 2001 which is based on UNITED NATIONS COMMISSION ON INTERNATIONAL COMMISSION (UNCITRAL) model law. Section 89B states that the parties to a suit can apply to the Court for withdrawal of the suit on the ground that they will refer the dispute or disputes in the suit to arbitration for settlement at any stage of the proceeding and the Court shall allow the application and permit the suit to be withdrawn.
One of the major forces that has driven the development of arbitration in Bangladesh is Bangladesh International Arbitration Center which is the first international arbitration institution of the country. It is an organization with experienced arbitrators and provides state-of-the-art facilities for conducting arbitration.