A commercial dispute has been settled through Arbitration under the auspices of Bangladesh International Arbitration Centre (BIAC). The dispute between Bangladeshi and Japanese parties arose because of non-performance of contract.
The Parties agreed to resolve their dispute under BIAC Arbitration Rules 2019. Arbitration Clauseunder BIAC Rules was included in the contract for dispute resolution in their Deed of agreement. It must be mentioned here that under BIAC Arbitration Rules claims valued below or equal to BDT 5 (five) crore can be treated as Fast Track Arbitration and resolved effectively in 90 (ninety) days.
Parties requested BIAC to appoint Sole arbitrator from BIAC’s Panel and as such Mr. Ajmalul Hossain QC,Senior Advocate of the Supreme Court of Bangladesh who is a Fellow of the Chartered Institute of Arbitrators, UK and has years of experience in National and International Arbitration, was appointed. Claimant was represented by Mr. Forrukh Rahman of Rahman’s Chambers and Respondent was represented by Mr. Abdul Baset. Mr. Hossain has issued the Final Award to the parties based on the submissions made by the parties to the Tribunal.
This is the first Fast Track Arbitration administered under BIAC Arbitration Rules. Chief Executive Officer of BIAC Mr. Muhammad A. (Rumee) Ali mentioned that Enforcing Contracts through courts in Bangladesh takes years according to the World Bank’s Doing Business Index 2020. Arbitration can be a way out, which is a quick, economic and binding Alternative Dispute Resolution method which has been popular around the world. He hoped that increased use of Institutional Mediation and Arbitration will go a long way in freeing the courts in Bangladesh to effectively deal with other important matters in the best public interest. This in turn can improve the country’s rank in the Doing Business Index.