With the adoption of the Vienna Investment Arbitration Rules, VIAC is now able to offer a set of specialized arbitration rules to accommodate the unique features of investment arbitration, including the involvement of sovereign parties and the implication of issues of public interest and public policy. A working group composed of members of the VIAC Board and Secretariat was established for the sole purpose of developing these rules. The VIAC Investment Arbitration and Mediation Rules are an affordable and progressive alternative to solving investment disputes.
Triggered by this new set of rules, the Vienna Rules of Arbitration and Mediation were also revised. The revision considers the latest market developments and pioneers the development of a new field of business, namely inheritance disputes through a new Annex 6. The working group responsible for drafting these amendments consisted of representatives of the VIAC Board and Secretariat as well as the National and International Advisory Board.
The new VIAC rules are applicable to all proceedings commencing after 30 June 2021.