Arbitration law in Bangladesh

It is recommendable to include a clause in all your contracts which agrees to allow an independent arbitrator outside of Bangladesh to settle any disputes between the parties. If such a clause is not included, or you or your partner prefer to settle the dispute in Bangladesh, it can be settled through the Bangladesh International Arbitration Centre (BIAC). BIAC was launched in 2011 and is the first international arbitration institution of the country. It is registered as a not-for-profit organisation and commenced operations in April 2011 under a license from the government. Three prominent Business Chambers of Bangladesh, namely, International Chamber of Commerce-Bangladesh (ICC-B), Dhaka Chamber of Commerce & Industry (DCCI) and Metropolitan Chamber of Commerce & Industry (MCCI) are sponsors of BIAC. The International Finance Corporation (IFC) – the private sector arm of The World Bank – with funds from UK Aid and European Union, is supporting BIAC in the initial stages under a co-operation agreement. BIAC introduced its Arbitration Rules in April 2012. These Rules incorporate some of the leading developments in domestic and international arbitration, while conforming to the Bangladesh Arbitration Act 2001.

Support us!

You are reading the ShrimpTails magazine for free. Please leave us your e-mail and name so we can keep you posted on ShrimpTails and STIP news.