Reasons to choose arbitration
- Arbitration is a modern, fast, confidential, flexible and cost-effective form of resolving commercial disputes.
- Through arbitration disputes are finally resolved, and the arbitral award is subject to enforcement in the same manner as any other court decision. Pursuant to the New York Convention of 1958 and the European Convention of 1961, arbitral awards are recognised and enforceable practically in the whole world.
- The arbitration proceedings are single-instance procedures – arbitral awards are not subject to appealing before a state court or another authority. Once entered into force, arbitral awards cannot be set aside by a court, except in extremely limited occasions and only through special claim proceedings before the Supreme Court of Cassation.
- In contrast to proceedings before state courts, in arbitration the parties may directly determine a number of elements in the arbitration proceedings – they may negotiate the number of the arbitrators; the formation procedure of the arbitration tribunal; the procedure for challenge of a member of the arbitration tribunal; the procedure that the arbitration tribunal shall observe when conducting a case, etc. The parties may also agree on certain rules for admissibility of evidence in arbitration, as well as on the manner of serving notices in the arbitration proceedings.
- KRIB Court of Arbitration is established for the purpose of providing a modern instrument for resolution of commercial disputes in different business sectors. The institution aims to provide the parties with predictable, qualitative and impartial judgement. The KRIB Court of Arbitration lays a specific focus on meeting the needs of international investors and companies operating in the Bulgarian market by creating an actual alternative to the state courts and the expensive proceedings before international arbitration institutions, which is the reason why the latter are often avoided by the Bulgarian business and state institutions.