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Vienna International Arbitral Centre – Vienna as the most important place of arbitration in Central and Eastern Europe

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6 November 2013

Out-of-court arbitral procedures under the auspices of the VIAC ensure quick and cost efficient settlement of international disputes. The new Vienna Rules 2013 and its reforms apply to all procedures where the claim was filed after 30 June 2013.

In international business, legal disputes between contractual partners from different countries may sometimes be tricky to resolve. It may, for example, be impossible to enforce a judgment in another country if there is no bilateral agreement. International arbitral tribunals are the solution here. They are based on agreements under private law (arbitration agreements) in which all parties submit to an arbitration court to settle certain disputes.

The Austrian Federal Economic Chamber established the VIAC (Vienna International Arbitral Centre) in 1975 to provide contractual parties with one of the world’s best renowned international arbitration institutions for the settlement of international trade disputes. Arbitration proceedings are administered by the VIAC in accordance with its own rules of arbitration (‘Vienna Rules’) provided the parties to the dispute have agreed to them.

The VIAC has access to a large network of leading arbitrators who are familiar with the ‘Vienna Rules’. Since its establishment, VIAC has administered over 1500 procedures, which makes it one of the most experienced arbitration institutions. In addition, Austria adopted the model legislation of UNCITRAL (United Nations Commission on International Trade Law) as arbitration law in 2006. Thus, the legal framework conditions at the place of arbitration of Austria also conform to international customs.

The currently valid version of the ‘Vienna Rules’ applies to all procedures at the VIAC initiated since 30 June 2013.