In connection with the expansion of the activity of the Arbitration Court at the BCCI, the Ruse Chamber of Commerce and Industry will now have the opportunity to resolve disputes between commercial companies from the region.
On 13.10.2021, the newly created opportunity to resolve commercial disputes between companies in the city of Ruse was presented, namely through the regional unit of the Arbitration Court at the Chamber of Commerce and Industry. The information was presented by the executive director of RTIK, Milen Dobrev, and the licensed arbitrator at the BCCI, Adv. Anatoli Kazakov.
The potential commercial disputes will be conducted precisely in the RTIK conference room, which allows the presence of a large number of interested parties, as well as technical support, through which experts or other interested parties can be remotely involved.
Adv. Kazakov explained that arbitration processes are much more flexible than traditional courts, giving multiple opportunities for quick and efficient resolution of any commercial dispute. Because the arbitration option fits into the contractual relationship between the parties, they have more confidence in the process and in most cases, after the case is closed, they can maintain their good business relationship.
Another advantage of the arbitration process is that it has significantly lower fees and side costs, it does not have the cumbersomeness of different instances of courts, which for smaller companies is a huge advantage, since they do not have to "drag out" cases for years. For example, an arbitration case can be completed in 3 to 6 months. In addition, the parties can agree on their own rules for conducting the process, including maintaining complete confidentiality.
Adv. Kazakov also commented that the arbitration clause is not necessarily included in the initial commercial contract between the parties, and such an agreement can be concluded at a later stage, even immediately before the start of the arbitration procedure.