Press release

The International Arbitration Court for Transport (IACT) and its Bulgarian partner - Transarena, have organised a bilateral working meeting in Sofia, on 26th of April 2017, followed by an interactive seminar on transport specialized arbitration.

During this seminar with a consistent participation, the new procedure for solving the low-value arbitration requests was presented for the first time (low-value - up to approx. 2200 EUR). Meeting numerous requests in this regard, this simplified procedure provides shorter procedural terms and an unified arbitration fee, irrespective of the minimal value of the object in dispute.

The participating experts and representatives of the Bulgarian transport companies have appreciated the flexibility of international arbitration, as well as the safety of the development of consolidated international contracts by introducing IACT`s arbitration clause, with a particular intrerest in the inclusion of the arbitration clause in the CMR consignment forms.

According to Mr. Serban Cristian, President of IACT: „The international arbitration enjoyes more and more favourable circumstances, which allow it to fully demonstrate its usefulness. We are aiming to demolish the myth of the inaccessible arbitration. The new procedure for solving the low-value arbitration requests can adapt to almost any litigation limit", concluded Mr. Serban.

The Honorary Chairman of the Board of Directors of Transarena, Mr. Tomislav Ivanchev, stressed that he appreciates "IACT`s ability to respond with solutions, adapted to the current status of transport businesses". Mr. Ivanchev also added: „I am convinced that shared experience and professinal co-operation are capable of further developing the partnership between Transarena and IACT, for the benefit of the business environment of transports and related activities".

After thanking to the distinguished hosts and to Transarena`s guests, IACT`s representatives announced in premiere their intention to implement an on-line arbitration procedure which, with the help of IACT`s International Arbitration Network partners, will be able to provide, to all interested parties, a modern and truly global instrument for disputes settlement.

At the end of the event, parties have agreed on a medium-term action plan, underlining the promotion of the benefits offered by the arbitration specialized in transports both in Bulgaria, as well as throughout the Balkans.