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ARBITRATION COURT AT THE BULGARIAN CHAMBER OF COMMERCE AND INDUSTRY
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AGREEMENT OF COOPERATION
IN THE FIELD OF INTERNATIONAL COMMERCIAL ARBITRATION BETWEEN THE ARBITRATION COURT AT THE BULGARIAN CHAMBER OF COMMERCE AND INDUSTRY AND THE PERMANENT COURT OF ARBITRATION ATTACHED TO THE CHAMBER OF COMMERCE AND INDUSTRY OF SLOVENIA |
The Arbitration Court at the Bulgarian Chamber of Commerce and Industry (referred to as the "Arbitration Court") and the Permanent Court of Arbitration attached to the Chamber of Commerce and Industry of Slovenia (referred to as the "Permanent Court of Arbitration"), believing that wider use of commercial arbitration will contribute to the stability of economic transactions between Bulgaria and Slovenia, have agreed as follows:
Article 1
The Arbitration Court and the Permanent Court of Arbitration shall each recommend enterprises engaged in economic transactions between Bulgaria and Slovenia the insertion of the following arbitration clause in contracts between such enterprises:
"All disputes that may arise between the parties out of or in relation to this contract shall be settled by arbitration under the Bulgaria - Slovenia Arbitration Agreement. The place of arbitration shall be, unless otherwise agreed between the parties, the country in which the respondent resides. In case the respondent is an enterprise of Bulgaria, the arbitration shall be conducted by the Arbitration Court at the Bulgarian Chamber of Commerce and Industry in accordance with the Commercial Arbitration Rules thereof. In case the respondent is an enterprise of Slovenia, the Arbitration shall be conducted by the Permanent Court of Arbitration attached to the Chamber of Commerce and Industry of Slovenia in accordance with the Rules of Procedure of the Permanent Court of Arbitration attached to the Chamber of Commerce and Industry of Slovenia."
Article 2
(1) Any arbitrator shall not be limited to the national of either country where the arbitration takes place.
(2) The language of English shall, unless otherwise agreed
between the parties, be used in the arbitration proceedings either at
the Arbitration Court or at the Permanent Court of Arbitration.
Article 3
The Arbitration Court and the Permanent Court of Arbitration will co-operate to promote international commercial arbitration between the two countries and will exchange all necessary information and opinions conducive to the realisation of this Agreement.
Article 4
Believing that the bringing of their respective arbitration laws and rules into closer harmony will contribute to the further stability and development in economic transactions between the enterprises of the two countries, the Arbitration Court and the Permanent Court of Arbitration will exert every effort to this end.
Article 5
This Agreement shall be called the "Bulgaria-Slovenia Arbitration Agreement".
Article 6
This Agreement is done in two exemplars in English
and shall become effective on January 1, 1999.
| For and behalf of THE ARBITRATION
COURT AT THE BULGARIAN CHAMBER OF COMMERCE AND INDUSTRY |
For and behalf of THE PERMANENT COURT OF ARBITRATION ATTACHED TO THE CHAMBER OF COMMERCE AND INDUSTRY OF SLOVENIA |
| Sevdalin Staykov President |
Prof. dr. Krešo Puharič President |
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