Trade Disputes in Austria
Arbitration courts in Austria offer swift and efficient low-cost settlement of civil- and trade law disputes.
Disputes arising out of or in connection with a contract may only be resolved by arbitration if the parties by prior written agreement have agreed to submit the dispute to arbitration. This is also in accordance with the ICC Rules of Arbitration and the Austrian Chamber of Commerce Rules of Arbitration.
- Arbitration Law
- Austrian Arbitration Act -2005 (based on UNCITRAL Model Law on International Arbitration).
- Conformity to International Commercial Arbitration Rules
Party to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards.
Party to the Geneva Protocol on Arbitration Clauses.
Party to the Geneva Convention of the Execution of Foreign Arbitral Awards.
- Appointment of Arbitrators
The law does not permit an even number of arbitrators. However if the arbitrating parties agreed on an even number of arbitrators the arbitrators have to appoint a presiding person.
Incase the parties fail to agree on the number of arbitrators three arbitrators will be appointed. The defendant and plaintiff parties each nominate one arbitrator, and the chairman is selected by these two arbitrators.
- Arbitration Procedure
It depends on the procedure laid in the contract/agreement between the two parties.
Arbitral awards are enforceable just like other court judgments. Only in certain special cases is an arbitral award subject to attack in courts of law.
- Permanent Arbitration Bodies
ICC International Court of Arbitration. (Sectors Covered: General)
International Arbitral Center of the Austrian Federal Economic Chamber (Sectors Covered: General)
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