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AGREEMENT ON COOPERATION
IN THE AREA OF COMMERCIAL CARRIAGE
OF THE BULGARIAN CHAMBER OF INDUSTRY AND COMMERCE
THE JAPANESE TRADE CARBON ASSOCIATION
- Taking into account that the Republic of Bulgaria and Japan are parties to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards of July 10, 1958;
- Believing that more extensive use of trade arbitrage can help increase the confidence and stability of trade between Bulgarian natural and legal persons and Japanese natural and legal persons, have agreed that:
The parties have agreed to annul the agreement signed by the parties in 1961 and to replace it with this agreement.
In this context, the parties agreed to recommend that Bulgarian and Japanese natural and legal persons concluding commercial transactions include an arbitration clause in their contracts with the following content:
"All disputes, disputes or disagreements that may arise between the parties out of or in connection with this contract or its termination should be referred to the arbitral tribunal and decided by the latter without being brought before the ordinary courts in the Republic of Bulgaria and Japan become.
In the event that the defendant is a Bulgarian natural or legal person, the arbitration should take place before the arbitration tribunal at the Bulgarian Chamber of Commerce and Industry in Sofia, in accordance with the arbitration rules of the aforementioned arbitration tribunal.
If the defendant is a Japanese natural or legal person, the arbitration shall take place before the Japanese Association for Commercial Arbitrage in Tokyo, according to the arbitration rules of the above association.
The arbitration award made will be final and binding on both parties. "
The parties will cooperate in popularizing arbitration and other alternative methods of settling commercial disputes.
- will cooperate in conducting the arbitration before each of the arbitration institutions;
- information on the legislation and legal literature in the field of international trade, on arbitration practice, as well as on the difficulties arising in connection with the application of the recommended arbitration clause according to Article 2 or in connection with the execution of arbitration awards, in accordance with the provisions of the arbitration clause , change.
Each party undertakes, at the request of the other party, to nominate a certain number of arbitrators from its list of arbitrators so that they can be included on the list of foreign arbitrators of the other party, insofar as national law allows it, so that these foreign arbitrators in can participate in the negotiation of the arbitration proceedings.
As a result of the increasing use of information and communication technologies, the parties will also exchange information on the development of modern practices of applying arbitration, as well as the development and popularization of electronic / online arbitration.
Each party will be visited by duly appointed representatives from the other party in connection with the objectives of this Agreement.
This Agreement shall enter into force on the day of its signature.
This agreement is perpetual and can be terminated by either party by giving written notice to the other party. Termination of the Agreement will take effect three months after the other party has received the notification. The notifications are sent as follows:
To the Bulgarian Chamber of Commerce and Industry,
For the attention of: Mr. Tsvetan Simeonov
Address: 9 Iskar Street, BG-1058 Sofia, Bulgaria
To the Japanese Association for Trade Arbitrage,
For the attention of: Mr. Kosuke Yamamoto
Address: 3 rd Floor, Hirose Bldg., 3-17, Kanda Nishiki-cho, Chiyoda-ku, Tokyo 101-0054, Japan
This agreement was signed in Tokyo on January 24, 2011, in duplicate in English, both of which are equally valid.
|FOR THE BULGARIAN CHAMBER OF INDUSTRY AND COMMERCE:||FOR THE JAPANESE TRADE ASSOCIATION|
|MR TSVETAN SIMEONOV, |
PRESIDENT OF THE BIHK
|MR KOSUKE YAMAMOTO, |
PRESIDENT OF JAHA
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