Experts on Saturday said that substitute dispute resolution was first the most desired way to solve international trade disputes linked to letters of credit.
At a virtual webinar, they also stressed the problems and challenges faced in resolution of international trade disputes arising out of LCs through make use of ADR methods in Bangladesh, especially following the global outbreak of the COVID-19 virus.
The Bangladesh International Arbitration Centre and the Dhaka Chamber of Commerce and Industry jointly organised the webinar on settlement of LC related international trade disputes through ADR.
BIAC leader director Muhammad A (Rumee) Ali said that BIAC, as the sole licensed ADR centre of Bangladesh, had arbitration, mediation and additional methods of ADR on the agenda.
He urged upon business leaders, lawyers, mediators and exponents of ADR to come forward and join BIAC’s efforts in easy and affordable dispensation of organization disputes for the higher interest of the country.
International Chamber of Commerce-UAE director Vincent O’Brien said that ADR could be the greatest practice to save time and money in resolving such disputes.
Midland Lender Ltd managing director Md Ahsan-uz Zaman emphasised incorporation of the ADR clause in both native and international LCs and creating awareness about ADR.
DCCI president Shams Mahmud, Standard Chartered Lender managing director and chief operating officer Khaled Aziz, Supreme Court advocates Shahedul Azam and Sameer Sattar, BIAC counsel Rubaiya Ehsan Karishma, amongst others, spoke at the webinar moderated by Mutual Trust Lender group legal affairs head Shafayat Ullah.