WE SIGNED A CONTRACT FOR ARBITRATION WITH THE BULGARIAN INDUSTRIAL CAPITAL ASSOCIATION (BICA)

Sofia Court of Arbitration at the International Association for Justice and Arbitration became a member of BIC

At its meeting, the National Council of the THE BULGARIAN INDUSTRIAL CAPITAL ASSOCIATION (BICA) accepted as a member its Sofia Arbitration Court at the International Association for Justice and Arbitration. The activity of our Arbitration Court was presented by the chairwoman Assoc. Prof. Raya Ilieva. The Chairperson of the International Association for Justice and Arbitration, Mrs. Maria Yaneva and Adv. Georgi Spasov, the first Bulgarian lawyers registered at the International Court of Arbitration at the International Arbitration Chamber in Paris and representing the Bulgarian state in Paris, pointed out that by signing the arbitration agreement, AICB already had its partner and associate in the International Arbitration Chamber. There was also a contract for arbitration , according to which the members of AICB will have the opportunity to use alternative dispute resolution methods at our arbitration tribunal. It was agreed that the parties would exchange information and support each other’s activities. Also members of AICB will be able to become arbitrators in cases involving specific sectors. Industrians will have the opportunity to learn about the advantages of arbitration in dispute resolution, including international partners.

The President of BICB Mr. Vassil Velev pointed out that this is the first case in which the Association accepts to sign such a contract, although so far there have been a number of proposals. The reason is that our institution has authoritative arbitrators and, above all, has a strong international authority that can be of great benefit to the business. The Sofia Court of Arbitration at the International Association for Justice and Arbitration has signed agreements with a number of countries with which the home entrepreneurs have an active relationship. Our Arbitration Court is the only similar Bulgarian institution that has a formal cooperation agreement with the International Arbitration Chamber in Paris, and our arbiters are already part of the Paris Arbitration Court team. The International Arbitration Chamber in Paris is one of the most authoritative world institutions with over a hundred years of history. There are often Bulgarian and state-owned companies and companies.

According to the founder of the Sofia Court of Arbitration at the International Association for Justice and Arbitration Mrs. Maria Yaneva, the agreement with AICB establishes the court as one of the leading arbitration institutions in Bulgaria and gives us the opportunity to be useful to the Bulgarian business.