A seminar of International Commercial Arbitration held by CLDP and BIAC.admin2019
Arbitration is a quick and reasonable procedure for settling a commercial dispute. This is also a private procedure and out of the judiciary courts, Recently, Commercial Law Development Program (CLDP) and Bangladesh International Arbitration Centre (BIAC) jointly organized a program for International Commercial Arbitration. BIAC is the institution that works for arbitration mechanisms in Bangladesh. And CLDP, a section of the US Department of Commerce, works to implement commercial law changes in developing nations to further American foreign policy objectives.
The program was held at a city hotel on February 12 and 13 with a workshop on ‘International Commercial Arbitration: Arbitration Awards and Enforcement’ and a consultation conference on ‘Amendment on Arbitration Act 2001.’
In that program, According to Justice Muhammad Khurshid Alam Sarkar, the concept of a required security deposit will drastically reduce the number of pointless challenges to arbitral awards. And to ensure effective results in the long run, the university should be included as a subject of ADR in the course syllabus. The Chairman of BIAC, Mahbubur Rahman appreciated this kind of workshop and said about the necessity of institutional arbitration in Bangladesh and explained the procedure of BIAC.
The CEO of BIAC, Kaiser A. Chowdhury greeted the experts and participants at the inaugural session. He praised the partnership between BIAC and CLDP in promoting ADR in Bangladesh and urged the adoption of the worldwide best practice system.
A prominent panel of speakers debated the challenges with the legal system for arbitration in Bangladesh and potential remedies during the consultation session.
In this workshop, 30 participants attended, and the Head of the Rahman’s Chambers, Mohammed Forrukh Rahman, Advocate, Supreme Court of Bangladesh is one of them.
During discussions, they pointed out the limitations of the current Arbitration Act of 2001 and offered insightful suggestions for appropriate revisions or amendments to that Act. They also advised holding similar discussions with the relevant ministries to promote ADR in Bangladesh. Lastly, certificates were given to the participants by Kaiser A. Chowdhury and Grishma Pradhan, Attorney-Advisor (International), CLDP, Office of the General Council, Us Department Of Commerce.