27.10.1976

"Any dispute or claim which may arise in connection with the present contract is to be referred for settlement by arbitration, excluding the jurisdiction of the ordinary courts.

If the defendant in such a dispute or claim is a Bulgarian juridical person, the arbitration will be conducted by the arbitration court at the Bulgarian chamber of Commerce and Industry, Sofia, in compliance with the Rules of the said Court.

If the Defendant in such a dispute of claim is an Indian physical or juridical person, the arbitration will be conducted by the Arbitration tribunal of the Federation of Indian Chambers of Commerce and Industry/ the Indian Council of Arbitration, New Delhi, in Accordance with its Arbitration Rules.

The award of the respective arbitration will be binding upon both parties."