The Court of Arbitration at BCCI resolves disputes from BGN 1000 to over 50 million

The Court of Arbitration at BCCI resolves disputes from BGN 1000 to over 50 million. This is what Blagovest Punev, Chairman of the Court of Arbitration at the BCCI, a prominent Bulgarian lawyer in the field of civil law, a member of the Presidium of the Court of Arbitration, said in an interview for the Business Club magazine.

The Court of Arbitration is envisaged as an alternative way of resolving legal disputes in Art. 19, para 1 of the Code of Civil Procedure, i.e. there is an explicit regulation of the existence of the arbitration institution in the Code of Civil Procedure. "Our main advantage is that disputes are resolved at one instance" Punev stated adamantly.

Arbitration refers only to private legal disputes. "We focus only on  disputes between economic operators, business disputes, trade disputes, industry disputes," says Blagovest Panev.

Asked "What are the most common commercial disputes that the Court of Arbitration resolves?" the Chairman stressed that the decisions of the Court of Arbitration are mainly on:  works contracts; construction and assembly works not paid or not executed; disputes between assignor and contractor; disputes with energy companies - between energy sellers and buyers; financial leasing agreements, purchase of cars or other equipment, etc.

In conclusion, Blagovest Punev points out that the Court of Arbitration at the BCCI has a great advantage: confidentiality (with the permission of the parties there may be an external person), the disputes are resolved quickly and much cheaper for the business. Fees in the case of a state court litigation - 4 % of the claimed amount and 2 % of the claimed amount in case of appeal. The fee of the Court of Arbitration is much lower and decreasing depending on the amount of the claim.