Mr. Kostadin Manev, Managing Partner at Manev & Partners., was elected as Arbitrator and member of the Arbitration Council of KRIB Court of Arbitration23 February 2015
Mr. Kostadin Manev, Managing Partner at Manev & Partners., was elected as Arbitrator and member of the Arbitration Council of KRIB Court of Arbitration and officially announced the beginning of the activity of the Court, as well as its website launching http://arbitration.bg/. The web portal contains useful and exhaustive information on the managing bodies and activities of the Court, as well as an online calculator of the arbitration fees. The KRIB Court of Arbitration is established as a modern instrument for resolving commercial disputes in the different business areas. The institution aims at providing the parties with predictable, reliable and objective resolutions of the disputes.
The KRIB Court of Arbitration is particularly focused on meeting the needs of the international investors and companies operating on the Bulgarian market by creating an actual alternative of 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.
Several reasons why we should choose arbitration:
∙ Arbitration is a modern, fast, confidential, flexible and cost effective form of resolving property disputes.
∙ By way of arbitration disputes are resolved conclusively and the arbitration award is subject to enforcement in the same manner as any court decision.
∙ The arbitration awards are not subject to appealing before a state court or another authority. The entered into force arbitration awards cannot be revoked by a court, except in few cases and only by filing a claim before the Supreme Court of Cassation.
∙ As compared to the proceedings before state courts, in arbitration the parties may directly determine a number of elements in the proceedings – they may negotiate the number of arbitrators; the formation procedure of the arbitration tribunal; the procedure for recusal of a member of the arbitration tribunal; the procedure that the arbitration court shall observe when hearing a case, etc. The parties may also agree on certain rules for the admissible evidence in arbitration, as well as on the manner of serving notices in the arbitration proceedings.
The advantages of the KRIB Court of Arbitration:
∙ The members of the Arbitration Council and the Arbitration Panel of the Court have significant experience in the domestic and international arbitration and are profoundly familiar with the specifics of the different types of business, industries and economic sectors in the country. Most of them have built their careers in an international environment and have gained extensive experience by working on international cases and projects.
∙ The Statutes, the Rules of Arbitration and the Tariff of Fees of the KRIB Court of Arbitration incorporate the modern global achievements in arbitration and apply the rules and institutes 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 presence of a number of institutes innovative for Bulgaria: strict regulations guaranteeing independence and impartiality of the arbitration tribunal; à special procedure for challenging of arbitrators; precise rules for independent and impartial monitoring of the quality of the arbitration awards and the compliance with the procedural rules guaranteeing the participation in the proceedings and equality of the parties; various options for simplifying the proceedings and reducing the expenditures for the parties; considerable incentives towards reaching amicable agreements between the parties.