The Uganda Law Society (ULS) and the Uganda Bankers Association (UBA) are planning to set up an independent center for dispute arbitration.
The plan was formally launched today as an Alternative Dispute Resolution Framework for the Banking and Finance Sector by the Deputy Governor of the Bank of Uganda, Dr. Louis Kasekende.
Meeting at Golden Tulip Hotel, the lawyers and bankers agreed that the Arbitration Center will be administered by a board of trustees tasked with steering the center towards a sustainable future.
The Center will have its own well detailed arbitration and mediation rules that will be referenced to when dealing with both domestic and international arbitration cases.
It will also offer adjudication services for the construction and health sectors. In addition, it will also complement the BOU’s newly setup Consumer Empowerment and Complaints Section.
“As a mandate of the center; to promote and maintain a standard of skilled arbitrators in Uganda, the Uganda Law Society Arbitration Center will offer an unrivalled training experience space.”
The proposed Center will source funding from; administration costs, annual nominal subscriptions fees, support from development partners and levying a percentage of the award upon successful arbitration proceedings.
The Uganda Law Society has been tasked to set up its Arbitration Center in the next three months.