One of the most important elements in dispute resolution processes outside the traditional court system is the use of arbitration, which is one of the most commonly recognized alternative dispute resolution tools. The use of arbitration is an approach that is widely accepted. The arbitration process in Bangladesh offers a method of dispute resolution which is receiving a lot of attention as it is not only more expedient but also more flexible.
Importance of arbitration
Arbitration is governed by a legal framework which in Bangladesh is rather strong. This framework places significant emphasis on the autonomy of parties who participate in the process of selecting arbitrators and establishing rules of procedure through the arbitral process. It is essential for those participating in arbitration within the country’s borders to have a good awareness of the legal environment in which they conduct their commercial transactions.
Commencement of Arbitration
A formal request for mediation is made by one of the parties, marking the beginning of the procedure. In addition to the remedy sought, the request must include a description of the nature of the dispute that is being considered. It is at this point that the wheels of arbitration are set in motion, which occurs when the arbitration procedure begins.
Selection of Arbitrators
This step is of utmost importance as it involves appointment of arbitrators who are not only informed but also impartial. This is why it is so important. Both their recruitment criteria and the procedural aspects of the selection process are thoroughly evaluated to ensure they are qualified and impartial. This is done to ensure they are both knowledgeable and impartial.
Immediately after the appointment of arbitrators, an initial meeting is held to set the ground rules, discuss the schedule, and specify the procedures to be followed throughout the arbitration process. This meeting will serve as the foundation for establishing the framework that will hold the entire process together.
exchange of statements
A written statement is a written statement in which the parties concerned present their case, containing facts, legal arguments, and evidence in support of their views. These declarations are sent repeatedly between the various parties concerned. When it comes to shaping the narrative, this stage is very important as it is responsible for shaping the war story.
The hearing process
When it comes to the arbitration process, the hearing protocol is the most important component. At this stage of the process, the parties will take turns presenting their points orally, offering witness testimony and conducting cross-bench examination of evidence. The phase in question is a dynamic element that is included in the framework of the arbitration process.
Submission of documents
In addition to the oral submissions they give, parties often present their evidence in the form of documents that are relevant to the case. This includes any and all relevant information that supports their claim or defense, such as agreements, contracts, and any other documents relevant to the situation.
After presenting evidence, the parties will next present their closing arguments, summarizing their respective points of view. Before the arbitrators deliberately retire, this phase provides an opportunity for points that are most important to crystallize.
Arbitrators participate in deliberations in depth, paying careful attention to the facts and arguments presented to them for consideration. The objective of this phase is to arrive at an outcome that is fair and fair to all parties involved.
After the arbitrators conclude their deliberations, the next step will be to issue their conclusions in the form of an award. By explaining the strategies that were used to settle the issue, the decision makes it possible to better understand the rights and responsibilities of the parties involved in the dispute.
Enforcement of award
Even if the results achieved through arbitration are legally binding judgments, the process does not end there. It is possible that the parties will have to take further steps to be able to effectively enforce the award through the legal mechanisms available in Bangladesh.
Challenging the award
Although arbitral awards are consistently considered final, there are certain reasons why they are contested. It is crucial to have a firm understanding of these factors, in addition to the procedures for contesting and appealing for parties who are dissatisfied with the outcome.
Appeal to arbitration
When it comes to arbitral awards, there are fewer grounds for appeal than court decisions. A narrow route needs to be carefully navigated for parties seeking to apply for an award based on specific legal or procedural grounds.
This alternative method of dispute resolution has been found to be not only effective but also successful throughout the various phases of the arbitration process in Bangladesh. As a result of the many advantages that arbitration offers, such as its flexibility, privacy and speed, it has emerged as the preferred strategy for dispute resolution across the country.