Arbitration Court in Bulgaria
Arbitration Court in BulgariaUpdated on Monday 18th April 2016
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Arbitration Court in Bulgaria was established more than 110 years ago, in 1897, as a Court of Conciliation at the Bulgarian Chamber of Commerce and Industry in Sofia. Ever since its establishment, it has settled civilian disputes between legal persons, dealing only in the past 20 years with around 5,600 cases. The latest amendments to the Rules of the Arbitration Court are in force since February 1, 2002.
Structure of the Arbitration Court
The structure of the Arbitration Court at the Bulgarian Chamber of Commerce and Industry is made of a Presidium that consists of:
- a Chairman of the Arbitration Court,
- two Deputy-Chairmen
- four Members.
The Presidium is elected for a five years term. The Chairman of the Arbitration Court is responsible for representing the Court in the country and aboard and can summon the sessions of the Presidium and of the Arbitration College.
Arbitrators within the Arbitration Court
Arbitrators are enrolled only under certain conditions, such as if they are law graduates, they do not have a criminal record, and they have proven experience in commerce and economy. It is not mandatory for the arbitrators to be Bulgarian citizens.
Arbitration Court’s Secretariat
The Secretariat is a part of the Arbitration Court and it is made of secretaries that have to be law graduates. They must also speak English fluently and Russian. They are responsible for organizing files of the cases, run the correspondence and other administrative tasks.
Responsibilities of the Arbitration Court in Bulgaria
The Arbitration Court at the Bulgarian Chamber of Commerce and Industry settles civil disputes and also disputes about contracts, even if the domicile of one or both parties is not in Bulgaria. These disputes are settled if they have been submitted by an arbitration agreement or by an international treaty. In case of an arbitration agreement, this must be submitted in writing. Once the submission has been made, the parties automatically accept the Rules of the Arbitration Court.
The Arbitration Court does not handle property rights or possession of immovable or labor relationship.
Advantages of the arbitration procedure
The arbitration procedure has many advantages, such as:
- avoiding the jurisdiction of the courts of law by submitting the dispute to a private juridical trustful body;
- parties choose the composition of the arbitral tribunal;
- the dispute is settled through a simplified procedure.
Another advantage is that the parties submit the dispute to arbitration using a special expertise that the court of law does not always offer. Moreover, one of the most important aspects is that the arbitration procedure is a very fast process, with a one instance. As such, the case may be settled in 6 to 9 months. Among other advantages is that if both parties submitted their dispute voluntarily, then they are more likely to maintain a good business relationship.
Our Bulgarian lawyers can provide legal assistance in any legal matter. Contact our law firm in Bulgaria if you need help in legal related problems. Our lawyers in Bulgaria will provide all the necessary information.