Friday, December 21, 2012

Historical background of the Arbitration Act, 2001

The Arbitration Act 2001 is based on-
(i)                 the Arbitrtion Protocol and convention Act, 1937;
(ii)               The Arbitration Act, 1940;
(iii)             Indian Arbitration and Concilliation Act, 1996;
(iv)             The English Arbtration Act, 1940
(v)               UNCITRAL Model Laws, 1966
UNCITRAL Model Laws means – “United Nations Commission on International Trade Law, 1966”.

What is Arbitration?
According to section 2(m) of the Arbitration Act, 2001, Arbitration means-“any arbitration whether or not administered by permanent institution.”

What is International Commercial Arbitration?
According to section 2(c) of the Arbitration Act 2001, International Commercial Arbitration means “an Arbitration relating to dispute arising out of legal relationship whether contractual or not, considered as commercial under the law in force in Bangladesh and where one of the parties is –
(i)                 an individual who is a national or habitually resident in any country other than Bangladesh,
(ii)               a body corporate which is incorporated in any country other than Bangladesh,
(iii)             a company or an association or a body of individual whose central management and control is exercised in any other country other than Bangladesh; or
(iv)             The government of the foreign country.

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