Arbitration center in Dhaka, Bangladesh

Arbitration is one of the most effective ways of alternative dispute resolution by the arbitration center in Bangladesh. The arbitration center in Dhaka, Bangladesh, is playing an essential role in extending the scope of the arbitration center in Bangladesh for ensuring effective arbitration procedures. Moreover, arbitration is one of the paramount ways of Alternative Dispute Resolution (ADR) to address the challenges of resolving commercial disputes.

Bangladesh Institute of Arbitration (BIArb) is such an institution where both the parties and arbitrators can work together in order to ensure long-term solutions to the disputes of the parties in the arbitration center in Bangladesh. As the arbitration process itself is a combined result of cooperation between the parties and the arbitrators of the arbitration center in Bangladesh, as a result, the level of satisfaction the parties have is in the arbitration process rather than in the court procedure within the arbitration center in Bangladesh.

Benefits of the Arbitration Center in Bangladesh:

1. Impartiality: It is noteworthy to mention that if any conflict of interest arises in the arbitration procedure in the arbitration center in Bangladesh, then the arbitrator in Bangladesh has to step down from that particular arbitration procedure to ensure impartiality within the procedure of the arbitration center in Bangladesh.
2. Time and Cost-efficiency: Since the arbitration procedure is flexible, unlike the complex court procedure, the arbitration procedure is consequently faster and cheaper.
3. Confidentiality: Arbitration is not an open court procedure; rather, it is a private hearing where the disputes between the parties remain private, and this ensures confidentiality of the case held in the arbitration center in Bangladesh.

Arbitration center in Bangladesh

Conclusion

However, to develop the arbitration process of Bangladesh, the Bangladesh Institute of Arbitration (BIArb) is playing a vital role among the arbitration institutes in Bangladesh that are dealing with the process of arbitration. A number of experienced arbitrators in Bangladesh work with BIArb, and they help facilitate the arbitration center in Bangladesh being more effective. It is also necessary that the national courts should encourage arbitration as a method of conflict resolution, since this can be an effective way to manage the overwhelming amount of pending cases that are backlogged in the courts.