Arbitration is a dispute resolution by a third person vested with this power by the parties.
Arbitration Court / AC / was created precisely with a view to meet the needs of parties having private law property relations to settle disputes arising between them.
AC settles civil and commercial property disputes as well as disputes aiming to fill gaps in the contract or its adjustment to newly arisen circumstances between the parties, physical persons or legal entities, having their address of residence and head-office in Bulgaria or abroad.
Disputes concerning rights of possession, real estate property or rights following from employment relationships cannot be subject of arbitration.
AC hears this type of disputes if they have been entrusted to it by an arbitration clause or an international treaty. The arbitration agreement must be in written form. The agreement is considered in written form also when contained in the correspondence, exchanged between the parties.
The consent of the parties to refer the dispute to AC implies acceptance of AC Statutes.
An objection that the AC is not competent must be submitted no later than the statement of claim. Regarding the objection of incompetence AC delivers a general order or a decision on the case.
A case should be duly referred to AC with an application in accordance with Art.5 of the AC Statutes.
AC hears and resolves the assigned disputes through a Decision making authority, which may consist of a single arbitrator or three arbitrators. The case may be heard and decided by one arbitrator selected by both parties from the List of arbitrators at AC by mutual consent or appointed by the Chief of the Arbitration Court at the parties’ request. If the parties did not reach an agreement the Decision making authority consists of three arbitrators whereby each of the parties appoint one arbitrator and his/her deputy from the List of arbitrators of AC and the Chief of the Arbitration court appoints the Chief of the Decision making authority.
The Sessions of AC are held the Parties are notified with summons about the schedule of the sessions.
The hearing is conducted in Bulgarian language. The case hearing is held in sessions where the parties may participate in person or through duly authorized representatives. The sessions of the AC are non-public.
The case proceedings with AC are confidential. Materials related to the case are solely accessible to the party, its lawful representative or its procedural representative for the case. The arbitration proceeding is concluded with a decision when there are no obstacles to decide the case upon its merits.
The decision is taken at a closed session, with the majority of the members of the Decision making authority.
The arbitral decision is final and puts an end to the dispute.
The Statutes of AC offer provisions for an accelerated hearing of claims filed with it and for delivery of decisions thereon within short periods of time.