Biac settles first dispute through fast track arbitration process
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Sunday
January 29, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
SUNDAY, JANUARY 29, 2023
Biac settles first dispute through fast track arbitration process

Court

TBS report
18 March, 2020, 10:10 pm
Last modified: 18 March, 2020, 10:35 pm

Related News

  • In dispute, think of arbitration, not litigation
  • Low-cost arbitration sees more trade disputes settled out of court
  • BCCCI signs MoU with BIAC
  • Experts emphasise arbitration to resolve expat allegations
  • 3 killed in clash over eve-teasing in Munshiganj

Biac settles first dispute through fast track arbitration process

The dispute arose because of the non-performance of a contract

TBS report
18 March, 2020, 10:10 pm
Last modified: 18 March, 2020, 10:35 pm
Photo: collected from Biac website
Photo: collected from Biac website

Bangladesh International Arbitration Centre (Biac) today settled a commercial dispute through a fast track arbitration process for the first time, under its rules.

The dispute between a Bangladeshi and Japanese company arose because of the non-performance of a contract.

The fast track arbitration is a simplified and expeditious arbitration procedure for the final resolution of smaller amount disputes.
  
Citing the World Bank's Doing Business Index 2020, Biac's Chief Executive Officer Muhammad A (Rumee) Ali said that enforcing contracts through courts in Bangladesh takes years.

He said arbitration could be a way out, which is a quick, economical, and binding alternative dispute resolution method. "This method has been gaining popularity around the world."

"The increased use of institutional mediation and arbitration would go a long way in freeing the courts of Bangladesh to deal with other issues in the best public interest effectively. 

"This, in turn, can improve the country's rank in the Doing Business Index."

Biac's General Manager Mahbuba Rahman said the parties agreed to resolve their dispute under the Arbitration Rules 2019. "Arbitration clause, under the rules, was included in their contract for dispute resolution."

"Disputes of below or equivalent to Tk5 crore can be treated as fast track arbitration and resolved effectively in ninety days under the arbitration rules.

"The parties requested Biac to appoint a sole arbitrator from its panel. Then, Biac appointed Ajmalul Hossain QC, senior advocate of the Supreme Court of Bangladesh and also a fellow of the Chartered Institute of Arbitrators, UK. He has years of experience in national and international arbitration." 

Forrukh Rahman of Rahman's Chambers moved for the plaintiff while Abdul Baset represented the defendant.  

Ajmalul Hossain issued the final award to the parties based on their submissions to the tribunal.

Biac is the first government recognised international arbitration institution in Bangladesh to resolve financial and corporate disputes. 

Bangladesh / Top News

Biac / Bangladesh International Arbitration Centre / arbitration

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Photo: UNB
    Only AL made country self-sufficient in food: PM
  • Reconditioned vehicles running out of stock as traders fail to open LCs
    Reconditioned vehicles running out of stock as traders fail to open LCs
  • Photo: TBS
    Corruption remains the biggest barrier to business: CPD

MOST VIEWED

  • Photo: Collected
    Japanese mother gets guardianship of daughters, free to leave country
  • Man sentenced to death for killing 2 Tripura girls after rape
    Man sentenced to death for killing 2 Tripura girls after rape
  • Arrest warrant issued against Alesha Mart chairman
    Arrest warrant issued against Alesha Mart chairman
  • Photo: Collected
    Lawyers to boycott 2 courts in Brahmanbaria till 30 January
  • High Court, Bangladesh. Photo- The Business Standard
    People in prisons have rights to health care: HC observes
  • HC clears way to free Karnaphuli River banks from encroachers
    HC clears way to free Karnaphuli River banks from encroachers

Related News

  • In dispute, think of arbitration, not litigation
  • Low-cost arbitration sees more trade disputes settled out of court
  • BCCCI signs MoU with BIAC
  • Experts emphasise arbitration to resolve expat allegations
  • 3 killed in clash over eve-teasing in Munshiganj

Features

Nandita Sharmin's journey to give organic skincare a new identity

Nandita Sharmin's journey to give organic skincare a new identity

5h | Mode
Illustration: TBS

'The silver lining is that the worst is sort of behind us': Hamid Rashid, UN economist

8h | Panorama
Photo: Bloomberg

BuzzFeed and AI are a match made in fad city

7h | Panorama
Snipe in flight. Photo: Enam Ul Haque

Baikka Beel: 'A world where snipe work late'

1d | Panorama

More Videos from TBS

“Investments risky without consistent policy, reliable data”- SK Bashir Uddin

“Investments risky without consistent policy, reliable data”- SK Bashir Uddin

1h | TBS Round Table
What does Shahrukh has in his 770 million dollar property?

What does Shahrukh has in his 770 million dollar property?

21h | TBS Entertainment
15 Reasons Your Entrepreneurial Career Can Fail

15 Reasons Your Entrepreneurial Career Can Fail

20h | TBS Career
Women are going to make history in match management in cricket

Women are going to make history in match management in cricket

19h | TBS SPORTS

Most Read

1
Picture: Collected
Bangladesh

US Embassy condemns recent incidents of visa fraud

2
Illustration: TBS
Banking

16 banks at risk of capital shortfall if top 3 borrowers default

3
Photo: Collected
Splash

Hansal Mehta responds as Twitter user calls him 'shameless' for making Faraaz

4
A frozen Beyond Burger plant-based patty. Photographer: AKIRA for Bloomberg Businessweek
Bloomberg Special

Fake meat was supposed to save the world. It became just another fad

5
Bapex calls candidates for job test 9 years after advert!
Bangladesh

Bapex calls candidates for job test 9 years after advert!

6
Representational Image
Banking

Cash-strapped Islami, Al-Arafah and National turn to Sonali Bank for costly fund

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]