Abstract:
Probably two parties anytime they come to an agreement, look for some way to solve their problem quickly, cheaply and fairly. Arbitration is a binding dispute resolution process that has become increasingly popular in recent times. Never before has Bangladesh been in the forefront of vying to attract foreign investment and being abreast with new trends in international business commercial arbitration law. Bangladesh, being a member of the Indian subcontinent, has witnessed arbitration since time immemorial in various forms. However, when British promulgated "The Arbitration (Protocol and Convention) Act 1937" and "The Arbitration Act, 1940", a new legislation called "The Arbitration Act, 20011" was promulgated which unified both domestic and international business arbitration. 2 To ensure stability and uniformity in arbitration practice in Bangladesh, the new law specifically adopts that of the Model Law on International Commercial Arbitration enacted by UNCITRAL in 1985. The model arbitration law, for its part, is not without blemishes and falls well short at least of all but the most meager expectations of the contracting parties that they have take a modern course to an efficient rendering of justice. The objective of this article are twofold: (a) to critically examine the present state of arbitration laws and practices in Bangladesh and (b)to highlight the facilitatory obstructive factors that contribute towards accessibility to justice under this dynamic and everchanging process, including how they can be used in order to combat its shortcomings while depending on both or either of these where possible, having satisfaction for the parties as an uppermost standard.
