Mediation vital for commercial dispute settlement

Speakers at a dialogue Thursday stressed the wide application of mediation, especially in resolving the commercial and investment-related disputes as it is a very quick and cost-effective method to do so.
The emphasis came at a dialogue titled "Is Arbitration Losing Ground to Mediation, for Settlement of Commercial Disputes" at a city hotel.
Bangladesh International Arbitration Centre (BIAC) arranged the dialogue marking its 3rd anniversary.
Foreign Minister Abul Hassan Mahmud Ali was the chief guest at the event while Mahbubur Rahman, Chairman of the BIAC Council, presided over the function.
Washington DC-based Attorney Joseph R Profaizer presented a keynote paper at the dialogue, which was attended, among others, by distinguished jurists including former Chief Justice Latifur Rahman, former Chief Justice Mahmudul Amin Chowdhury, former Chief Justice K.M. Hasan, Justice Awlad Ali, Barrister Rafiqul Huq, business leaders including Latifur Rahman, Vice President ICC-B, M Shahjahan Khan, President of the DCCI, and Kim Phan, executive director of the International Law Institute.
In his keynote speech, Mr Profaizer narrated evolution of the dispute resolution culture in developed countries.
He said that all the methods- like litigation, arbitration, mediation- were administered by humans for humans.
As humans were prone to flaws, none would ever be perfect; however, utility of the tools largely depend on their users, and a good toolbox should have several tools there, he said.
Therefore, in a modern functional society, the dispute resolution ecosystem should have all the methods in place and change with the changing needs of the society, Mr Profaizer added.   
Mr Abul Hassan Mahmud Ali lauded the BIAC on its 3rd anniversary.
He said that a fundamental requirement for trade and investment to flourish was quick and cost effective methods and institutions to resolve the commercial and investment disputes.
Mr Mahbubur Rahman, Chairman of the BIAC Council, thanked all who supported the BIAC.
He narrated the dream of the business community of creating an enabling environment for business in the country.
He observed that establishment of the BIAC was one of the significant outcomes.
At the end of the event, certificates were handed over to the trainees of BIAC's advanced arbitration course that concluded Thursday.
Dr Toufiq Ali, Chief Executive of the BIAC, said that BIAC shaped itself as the country's first ADR service provider organisation.
He recalled contribution of all including the International Law Institute of United States and Centre for Effective Dispute Resolution, UK in creating a pool of ADR professionals in the country.
He thanked the local and foreign experts for helping formulate BIAC Mediation Rules and Mediator's Code of Conduct that were launched Thursday.