The work of The Court of Arbitration at BIA has a specific focus on commercial disputes between contractors who have chosen the respective court for dispute resolution.
The Court of Arbitration at BIA applies the methods of out-of-court dispute settlement through MEDIATION and ARBITRATION. Out-of-court agreement can be reached through mediation with the help of a specialist in the field. An out-of-court agreement has the power of law for those who have entered into it. Arbitration is an alternative to state justice. If a dispute arises that cannot be resolved through mediation, an action may be brought before the Arbitral Tribunal, which will rule. The arbitral award has the same force as the decision of the state court.
The advantages of arbitration proceedings are that the arbitration fees are lower than the state fees and the proceedings are one-instance, which makes it possible to obtain a legally binding decision within 2-3 months. The parties at issue have the right to choose the arbitrators to resolve the dispute.
