The commercial broker according to Bulgarian commercial law
The legal position of the commercial broker is defined in Articles 49 to 51 of the Bulgarian Commercial Act. The broker is a merchant that by occupation acts as an intermediary so transactions may be entered into (Article 49 of the Commercial Act). A special feature of this intermediation is its periodicity. The commercial brokers intermediate in commercial transactions for different merchants – not only for a single one. The relationship between the commercial broker and the merchant is regulated by a brokerage agreement. Subject matter of the agreement is the intermediation and the conclusion of commercial transactions between two other merchants.
The commercial broker is not a representative of neither of the contractual parties. Regarding the intermediated transactions, he must maintain neutrality. He is obligated to protect the trade secrets. The commercial broker is entitled to a commission from one or both of the parties, depending on the arrangement.