Review meeting on draft ADR guidelines held

A third tripartite review meeting of a committee convened by Bangladesh Bank to resolve commercial disputes, including that over non-performing loans, has been held at Bangladesh International Arbitration Centre (Biac) in Dhaka recently.

The committee comprises Bangladesh Bank, the Association of Bankers Bangladesh and Biac, says a statement.

The draft of an alternative dispute resolution (ADR) guideline following the incorporation of recommendations was discussed in detail.

The meeting agreed to incorporate in contracts an ADR clause which will be framed in a manner safeguarding banks from the risk of defaulting contracts, including that involving loans. Banks will also have the discretion to use the ADR clause appropriately in risk mitigation.

Muhammad A (Rumee) Ali, CEO of Biac, presided over the meeting.