Arbitration
Introduction
Courts are over bounded with a large number of cases and their disposal takes long time. Therefore a need was felt for a faster dispute resolving mechanism. That’s why “Arbitration Act” was provided with a view to give speedy justice to the people and also to avoid unnecessary court case expenses. It is an informal dispute settlement mechanism. Bangladesh has recently enacted a new arbitration law, known as “The Arbitration Act, 2001. The Act came into force on April 10, 2001. The Act has repealed The Arbitration (Protocol and Convention) Act, 1937 and The Arbitration Act, 1940. With this new enactment Bangladesh has kept pace with the recent trends in the field of international arbitration in the rest of the world.
According to the topic of this assignment, I also agree that although arbitration was introduced for settling dispute but it is not serving it purpose entirely and precisely. Now I’m going to discuss about the reasons which are making difficulty for arbitration to serve its purpose completely.
Meaning of Arbitration:
Before discussing about the ineffectuality’s of arbitration, first we should briefly know what Arbitration really means. The word “Arbitration” means mediation, negotiation, adjudication etc. This means settlement of arguments, disagreement, and clash between two parties. It is a process in which a disagreement between two or more parties is resolved by impartial individuals, called arbitrators, in order to avoid costly and lengthy court case or legal actions.
Arbitration is the most traditional form of dispute resolution. Arbitration is a binding procedure. It is often administered by a private organization that maintains lists of available arbitrators and provides rules under which the arbitration will be conducted. Such organizations can also manage the arbitration in whole or in part. Parties often select arbitrators on the basis of substantive expertise.
Arbitration is adjudicatory, as opposed to advisory,
Courts are over bounded with a large number of cases and their disposal takes long time. Therefore a need was felt for a faster dispute resolving mechanism. That’s why “Arbitration Act” was provided with a view to give speedy justice to the people and also to avoid unnecessary court case expenses. It is an informal dispute settlement mechanism. Bangladesh has recently enacted a new arbitration law, known as “The Arbitration Act, 2001. The Act came into force on April 10, 2001. The Act has repealed The Arbitration (Protocol and Convention) Act, 1937 and The Arbitration Act, 1940. With this new enactment Bangladesh has kept pace with the recent trends in the field of international arbitration in the rest of the world.
According to the topic of this assignment, I also agree that although arbitration was introduced for settling dispute but it is not serving it purpose entirely and precisely. Now I’m going to discuss about the reasons which are making difficulty for arbitration to serve its purpose completely.
Meaning of Arbitration:
Before discussing about the ineffectuality’s of arbitration, first we should briefly know what Arbitration really means. The word “Arbitration” means mediation, negotiation, adjudication etc. This means settlement of arguments, disagreement, and clash between two parties. It is a process in which a disagreement between two or more parties is resolved by impartial individuals, called arbitrators, in order to avoid costly and lengthy court case or legal actions.
Arbitration is the most traditional form of dispute resolution. Arbitration is a binding procedure. It is often administered by a private organization that maintains lists of available arbitrators and provides rules under which the arbitration will be conducted. Such organizations can also manage the arbitration in whole or in part. Parties often select arbitrators on the basis of substantive expertise.
Arbitration is adjudicatory, as opposed to advisory,