Advantages of the KRIB Court of Arbitration
- The Arbitration Council and the Arbitration Panel of the Court are comprised of experienced lawyers with solid legal training and versatile qualification – leading lawyers from some of the largest Bulgarian law firms and international law firms in Bulgaria, lawyers with extensive academic and practical expertise, as well as legal advisers of companies of significant importance to the Bulgarian economy.
- The members of the Arbitration Council and the Arbitration Panel of the Court are experts in domestic and international arbitration, having a detailed knowledge of the specifics of the different types of businesses, industries and economic sectors in the country. Thus, the parties to the arbitration proceedings have the option to choose the arbitrator who has the necessary expertise and qualification in the specific business sector of the respective dispute at issue.
- Most of the members of the Arbitration Council and the Arbitration Panel have built their career in international environment and gained extensive experience by working on international cases and projects. The parties to disputes with an international element have the option to choose an arbitrator who speaks the language in which the contract was concluded and who is familiar with the peculiarities of the business environment in which the parties carry out their business.
- The Statute, the Rules of Arbitration, and the Tariff of Fees of the KRIB Court of Arbitration incorporate the contemporary world achievements in arbitration, and apply the rules and instruments of the major institutional arbitrations, taking into consideration the specifics of the Bulgarian environment.
- The main advantage of the KRIB Court of Arbitration is the availability of a number of instruments which are innovative for Bulgaria: strict regulations guaranteeing independence and objectivity of the arbitration tribunal; a special procedure for challenge of arbitrators; precise rules for independent and objective monitoring of the quality of arbitral awards and the compliance with the procedural rules, guaranteeing a chance for participation in the proceedings and equality of the parties; various options for simplifying the procedures and reducing the costs for the parties; considerable encouragement towards reaching an agreement.
- World practice shows that most disputes are resolved faster, more effectively and to a greater degree of satisfaction of the parties where the arbitration tribunal is comprised of sole arbitrator. Therefore, the Rules of Arbitration provides that by default the disputes shall be resolved by one arbitrator. This would significantly reduce the expenses incurred by the parties and would hasten the procedure of issuing an arbitral award. Reaching an agreement between the parties for the case to be heard by sole arbitrator they find suitable increases the trust in arbitration. The same effect is achieved when the parties cannot reach an agreement and the arbitrator is appointed by a unilateral decision of an independent collective body of the court, keeping the option for challenge in case of possible doubts of the impartiality and independence of the appointed arbitrator. In cases of very complicated disputes and disputes with high material interest, as well as upon request by the parties, there is an option for the disputes to be heard by three arbitrators.