Arbitration Court at the Bulgarian Chamber of Commerce and Industry

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==General Information==
==General Information==
* Official name: Arbitration Court at the Bulgarian Chamber of Commerce and Industry
* Official name: Arbitration Court at the Bulgarian Chamber of Commerce and Industry

Current revision as of 17:28, 2 June 2010


Contents

General Information

  • Official name: Arbitration Court at the Bulgarian Chamber of Commerce and Industry
  • Country: Bulgaria
  • City: Sofia
  • Type of organization: Chamber of Commerce
  • Date of creation: 1989
  • Interests: Arbitration - Conciliation
  • Fields of expertise: Domestic Disputes

Description

Established more than 110 years ago as a Court of Conciliation at the Bulgarian Chamber of Commerce and Industry in Sofia the Arbitration Court has heard and settled civil disputes between legal persons at least one of them being seated outside Bulgaria. Its jurisdiction was obligatory for the foreign trade enterprises from the states members of Comecon based on the Moscow Convention of 1972 and voluntary based on an arbitration agreement entered by the parties.

It began to act as a voluntary arbitration court between natural and/or legal persons domiciled, resp. seated in Republic of Bulgaria since 1989.

The Executive Bureau of the Bulgarian Chamber of Commerce and Industry adopted Rules and Tariff for Arbitration "Ad hoc" Assisted by the Arbitration Court at the BCCI on 17th of January 1989.

The Rules on Expedient Procedure in Arbitration Cases, applicable to domestic disputes of claim amount up to BGN 10 000, is in force as of 1st January 2005.

For the last 20 years only the Arbitration Court has settled about 5,600 cases, natural, resp. legal persons of 40 countries in the world being parties to them.

The latest amendments to the Rules of the Arbitration Court at the Bulgarian Chamber of Commerce and Industry are in force since 1st of February 2002.

Updated lists of arbitrators for international and internal disputes are in force since 1st of January 2005.

Advantages of the Arbitration Procedure according to BCCI

1. Avoiding the jurisdiction of the courts of law, the parties submit the dispute to a private juridical body which they trust.

2. The parties participate in the composition of the arbitral tribunal by the nomination of the arbitrators.

3. The dispute is settled by a simplified procedure notified in advance to both the parties. They are entitled to amend and accommodate it to the characteristics of the dispute.

4. The parties submit the dispute to arbitrators with a special expertise which the court of law does not always have.

5. The speed is one of the greatest advantages of the arbitration. The procedure is of one instance. The cases are settled usually within 6 - 9 months.

6. The arbitration awards are final, subject to enforcement and are stable, because they are subject to recourse only by a way of a court action.

7. The arbitration procedure is cheaper. The fee is decreasing with the increase of the value of the action. The expenses for defense, experts, translators, etc., are paid only in one instance.

8. The arbitration procedure is confidential and not public. So the arbitration is able to avoid deterioration of the relations between the parties.

9. The restrictions for the international jurisdiction of the courts of law do not apply to the arbitration.

10. The correct party to the contract is able to avoid the necessity, disadvantages, expenses and inequality to go to law abroad.

11. As much as both the parties have submitted their dispute voluntarily to the arbitration it is more likely to keep their good business relations.

12. The enforcement of the arbitration award abroad is ensured by the New York Convention to a greater extent than the enforcement of the decisions of the courts of law abroad.

Contact

Sofia 1058 42 Partchevich street - Arbitration Court at the BCCI floor 4 room 2 - Secretariat of the Arbitration Court at the BCCI

Phone: (+359 2) 980 98 99, 987 26 31 ext. 143.

Fax: (+359 2) 987 32 09

Email: acourt@bcci.bg

Official Website

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