ADR most preferred way to resolve LC related int’l trade disputes: Experts
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

Friday
January 27, 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
FRIDAY, JANUARY 27, 2023
ADR most preferred way to resolve LC related int’l trade disputes: Experts

Trade

BSS
15 November, 2020, 04:50 pm
Last modified: 15 November, 2020, 04:56 pm

Related News

  • Dollar rally puts some banks in trouble to settle LCs
  • Banks settle LCs at Tk102 per dollar
  • Import LCs 43% higher in July - May of FY2022
  • Some banks charge over Tk93 per dollar for LCs, flouting central bank’s verbal instruction
  • Anisul for applying ADR for quick disposal of loan default cases

ADR most preferred way to resolve LC related int’l trade disputes: Experts

Through the webinar, they explained as to how ADR can help resolve disputes between the parties contracting under LC in international trade deals

BSS
15 November, 2020, 04:50 pm
Last modified: 15 November, 2020, 04:56 pm
Photo: Courtesy
Photo: Courtesy

Experts at a webinar have underscored the need for resolving the issues and challenges of international trade disputes arising out of Letters of Credit (LC) through use of Alternative Dispute Resolution (ADR) methods in Bangladesh.

Through the webinar, they explained as to how ADR can help resolve disputes between the parties contracting under LC in international trade deals.

They made the observation at the webinar held on virtual platform on Saturday on "Settlement of Letters of Credit Related International Trade Disputes through ADR".

Bangladesh International Arbitration Centre (BIAC), the first registered ADR institution of Bangladesh, and Dhaka Chamber of Commerce and Industry (DCCI), organised the webinar, said a press release.

With ADR institutions, like BIAC in Bangladesh and other institutions existing in the region, the webinar was aimed at suggesting greater transparency on how the ADR processes including arbitration and mediation work and how they can provide relatively inexpensive and quick access to the resolution of disputes arising out of LC, particularly in the developing nations.

President of DCCI Shams Mahmud and Chief Executive Officer BIAC Muhammad A (Rumee) Ali, among others, spoke on the occasion.

Shams Mahmud said that to mitigate the risk profile of businesses institutional ADR processes including arbitration and mediation can be of immense help especially in LC related international trade disputes.

He emphasized the importance of LC in businesses in developing national trade competency.

He lauded BIAC's role as a trend setter and pioneer in bringing businesses, banks, ADR facilitators and the Government agencies together in order to institutionalise best practices of ADR in Bangladesh.

Muhammad A (Rumee) Ali said that BIAC, as the only licensed ADR centre of Bangladesh, has arbitration, mediation and other methods of ADR in their agenda and he emphasised further cooperation with DCCI to help resolve commercial disputes in both domestic and international trade.

He urged upon business leaders, lawyers, mediators and exponents of ADR to come forward and join BIAC's efforts in quick and cost effective dispensation of business disputes for the greater interest of the country.

He stressed the need of provision of an ADR clause in commercial contracts and synchronising LC with Pro Forma Invoice so that interests of banks and parties are well protected.

Bangladesh / Top News

Alternative Dispute Resolution (ADR) / letters of credit (LCs)

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

  • Infograph: TBS
    State banks spend 80% of their forex for govt imports in H1
  • Manufacturers feel the pinch as consumers tighten belt
    Manufacturers feel the pinch as consumers tighten belt
  • Production halted in 8 power plants of Chattogram
    Production halted in 8 power plants of Chattogram

MOST VIEWED

  • India to import goods from Bangladesh by rail
    India to import goods from Bangladesh by rail
  • File image
    India allows goods import from Bangladesh by rail, framework set
  • Photo: Mohammad Minhaj Uddin/TBS
    Direct container shipping to the United Kingdom starts on Friday
  • Photo: Collected
    No barrier in wheat import from India: Tipu Munshi
  • Photo: Courtesy
    Ctg Chamber president slams edible oil hoarders
  • Photo: Mohammad Minhaj Uddin/TBS
    NBR to allow more firms easy release of goods from ports

Related News

  • Dollar rally puts some banks in trouble to settle LCs
  • Banks settle LCs at Tk102 per dollar
  • Import LCs 43% higher in July - May of FY2022
  • Some banks charge over Tk93 per dollar for LCs, flouting central bank’s verbal instruction
  • Anisul for applying ADR for quick disposal of loan default cases

Features

Sketch:TBS

Why we need consumer education for consumer wellbeing

1h | Thoughts
Dr Ahsan H Mansur, Executive Director, Policy Research Institute. Illustration: TBS

Twin shocks call for stronger domestic policy response

2h | Thoughts
December-er shohor, taxi taken for airport and the Park Street bathed in lights. Photo: Jannatul Naym Pieal

Exploring Kolkata on foot, empowered by Google Maps

2h | Explorer
Island hopping in Bangladesh?

Island hopping in Bangladesh?

4h | Panorama

More Videos from TBS

Kajol’s road paintings bring change in Gafargaon

Kajol’s road paintings bring change in Gafargaon

16h | TBS Stories
Carew & Company witnessed a remarkable growth

Carew & Company witnessed a remarkable growth

17h | TBS Stories
PCB recalls cricketers from BPL ahead of PSL

PCB recalls cricketers from BPL ahead of PSL

19h | TBS SPORTS
Why Misha Sawdagar became villain instead of a Hero?

Why Misha Sawdagar became villain instead of a Hero?

18h | TBS Entertainment

Most Read

1
Picture: Collected
Bangladesh

US Embassy condemns recent incidents of visa fraud

2
Four top bankers arrested in DSA case filed by S Alam group 
Bangladesh

Four top bankers arrested in DSA case filed by S Alam group 

3
Illustration: TBS
Banking

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

4
Photo: Collected
Splash

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

5
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

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]