Dhaka Chamber of Commerce and Industry (DCCI) has inked a memorandum of understanding (MoU) with Bangladesh International Arbitration Centre (Biac) in a bid to settle commercial disputes outside courts.
The signing ceremony was held at the Biac secretariat in the capital on Thursday, said a press release on Saturday.
Biac Director M A Akmall Hossain Azad and Acting Secretary General of the DCCI Afsarul Arifeen signed the document on behalf of their respective organisations.
Under the MoU, the DCCI will recommend Biac as a forum for arbitration and mediation to resolve any dispute arising out of trade, commerce and investment made in Bangladesh or by Bangladeshi individuals, entities or companies outside Bangladesh with foreign individuals, entities or companies as well as contractual and other related matters.
Both the parties shall exchange technical assistance for conducting mediation and arbitration proceedings.
Both the DCCI and Biac will also implement joint programmes like seminar, webinar, workshop, training and consultation in order to promote Biac as a platform for institutional alternative dispute resolution (ADR).
During the signing ceremony, Chief Executive Officer of Biac Muhammad A (Rumee) Ali explained Biac's Institutional ADR services under its own Rules of Arbitration and Mediation to help resolve commercial disputes outside courts.
He said 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 the DCCI and its members to resolve disputes arising out between parties from within and outside of the chamber.
DCCI President Shams Mahmud said 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 mechanisms among the business community.
ADR will help small and medium enterprises to a great extent in quick dispensation of disputes originated from business contracts, he also opined.
Senior Vice President of DCCI N K A Mobin said signing of the MoU between the 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 also attended the ceremony.