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In a lawful State, having an economically developed society, where the quickness of settlement of all the conflicts arisen is of significant importance for the safety of the turnover and of the participants in it, more practical and advisable is to look for an alternative of the tardy and sometimes endless long procedures of the standard legal proceedings. Exactly because of that fact, the arbitration became necessary as an alternative of the State legal procedure.

By resolution dated 25.07.2002 according to company file No.838 in the Register for the year of 2002 at Varna District Court, Company Department, a non-economic purpose association with the following name: BNKR was entered in the Register of the Non-economic Purpose Juridical Entities, kept at Varna District Court, lot 16, register 5, volume 28, page 64, later on renamed to NATIONAL BUSINESS AND LAW ASSOCIATION, having its head office in the city of Varna and address of management, as follows: city of Varna, 39 Sofroniy Vrachanski Str., ent.V.

No.1 reached at a Special General Meeting held on 31.05.2002 at BNKR, respectively the National Business and Law Association, an Arbitration Court was established as an independent of the above mentioned Association permanently operative jurisdictional institution of general competency, i.e. it accepts for consideration any kinds of disputes having arbitrable subject. Besides, the Arbitration Court at the National Business and Law Association organizes also reconciliatory proceedings.

By resolutions No.1 and No.2 taken on the Session of the Executive Council held on 25.07.2002, respectively the Statute and the Regulations of the Arbitration Court were approved, which were amended by a Proposal of the Executive Council dated 14.03.2003, approved by the Chairman of the National Business and Law Association. These amendments are valid since 15.03.2003.