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 wants to avoid complex and time consuming court procedures and arbitration center in Bangladesh is playing vital role to deal with such matters.
Government and private organizations often resort to arbitration in resolving conflicts arising as a consequence of traditional method of taking matters into courts which are often considered as 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 institute 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 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 counter claims the available defenses to that particular statement of claim to the arbitrator in Bangladesh.
3. Preliminary Conference: Prior to the hearing, the arbitrator in Bangladesh and 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: In order to get prepared for the hearing, the documents and required information should be exchanged within 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 arbitration process in the arbitration institute in Bangladesh, the arbitrator in Bangladesh delivers a binding written decision which is called an ‘Award’.
Besides, Bangladesh Institute of Arbitration (BIArb) ensures accountability and transparency by establishing panel of arbitrator in Bangladesh and mediators who are committed to provide 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, arrangement of hearing dates and volunteering the whole arbitration procedure on behalf of the parties.
Apart from conducting Arbitration, 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 reach 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 assist 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.