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Arbitration Institute in Dhaka, Bangladesh: Alternative dispute resolution by the arbitration institute in Bangladesh means out-of-court settlement, which can be helpful for people who want to avoid complex and time-consuming court procedures, and the arbitration center in Bangladesh is playing a vital role in dealing with such matters.
Government and private organizations often resort to arbitration in resolving conflicts arising as a consequence of the traditional method of taking matters into court, which is often considered a lengthy process. Arbitration is one of the most acceptable, private, cost-effective, and time-saving modern methods of settlement of trade-related and domestic disputes amongst the parties involved, held in different arbitration institutions in Bangladesh.
The term ‘arbitration’ is defined as a procedure where a disputed matter has been introduced before the arbitrators of the arbitration institute in Bangladesh for the declaration and execution of a binding and enforceable award for the concerned dispute. The arbitration process authorized by the arbitration institute in Bangladesh can be exercised by following 06 (six) steps –
1. Request for Arbitration: In general, a claimant initiates arbitration by filing a statement of claim; in response to that statement of claim, the respondent answers and subsequently counterclaims the available defenses to that particular statement of claim to the arbitrator in Bangladesh.
2. Constitution of the Tribunal: The parties shall receive the list of potential arbitrators in Bangladesh from the arbitration institute in Bangladesh in order to select the panel of arbitrators in Bangladesh who will hear their case in the arbitration center in Bangladesh.
3. Preliminary Conference: Prior to the hearing, the arbitrator in Bangladesh and the parties shall arrange a conference for scheduling hearing dates and to resolve preliminary issues of the disputed matter in the arbitration center in Bangladesh.
4. Exchange of Documents: To get prepared for the hearing, the documents and required information should be exchanged among the parties involved in an arbitration suit in the arbitration institute in Bangladesh.
5. Hearing: In the process of arbitration in the arbitration center in Bangladesh, the parties present their arguments and evidence in support of their respective cases before the arbitrator in Bangladesh.
6. Award: As a conclusion of the arbitration process in the arbitration institute in Bangladesh, the arbitrator in Bangladesh delivers a binding written decision, which is called an ‘Award.’
Besides, the Bangladesh Institute of Arbitration (BIArb) ensures accountability and transparency by establishing a panel of arbitrators in Bangladesh and mediators who are committed to providing services with honesty, neutrality, and proficiency in the arbitration institute in Bangladesh.
The Bangladesh Institute of Arbitration (BIArb) provides administrative services to the parties in the arbitration center in Bangladesh. The administrative services include providing arbitration hearing places, arranging hearing dates, and volunteering the whole arbitration procedure on behalf of the parties.
Arbitration Institute in Dhaka, Bangladesh
Apart from conducting arbitration, the Bangladesh Institute of Arbitration (BIArb) also ensures the service of mediation between the conflicting parties in the arbitration center in Bangladesh. Mediation is a procedure where a neutral person (mediator) helps the parties to arrive at their own negotiated settlement agreement. The mediation procedure is voluntary and private, in which a mediator cannot bestow a binding decision similar to arbitration; rather, the mediator assists the parties to settle their dispute according to the parties’ settlement agreement. Bangladesh Institute of Arbitration (BIArb) conducts the mediation procedure in Bangladesh by the arbitration institute in Bangladesh according to the guidelines issued by the International Mediation Institute.