Arbitration is the preferred method for the resolution of commercial disputes. It is private, time- and cost-efficient and more straightforward than state court proceedings. Furthermore, arbitral awards are enforceable worldwide due to the New York Convention 1958. The Vienna International Arbitral Centre (VIAC), established under the auspices of the Austrian Federal Economic Chamber in Vienna in 1975, is a leading arbitration institution in Central and Eastern Europe. VIAC offers high-level services tailored to the specific needs of its users from around the world.
1 Austria is an arbitration-friendly forum
- Austria is a neutral country with a well-developed legal system.
- The Austrian legal system is modern and arbitration-friendly with its arbitration law based on the UNCITRAL Model Law on International Commercial Arbitration.
- Arbitration in Austria is efficient. The Austrian Supreme Court is the court of first and last instance for claims challenging an arbitral award. Such claims are strictly limited to specific enumerated grounds comparable to those in the UNCITRAL Model Law.
- Austrian courts are arbitration-friendly and provide judicial assistance to arbitrators when needed. At the same time courts are reluctant to intervene in arbitral proceedings and may do so only when provided by the law.
- Interim measures of protection issued by arbitral tribunals are enforceable by Austrian courts.
2 VIAC arbitration is cost-effective
- The VIAC fee schedule allows for a predictable cost calculation.
- Costs for arbitrators and administrative services are modest in comparison to other institutions.
- The opt-in system for fast-track proceedings guarantees even swifter awards at lower costs.
- The modern, mostly electronic administration of proceedings saves time and delivery costs.
3 Vienna is the preferred venue because ...
- .... it is among the top 7 venues for international arbitration worldwide
- .... it is a highly regarded meeting point for business and public services
- .... it lies in the heart of Europe, offers excellent flight connections to all parts of the world and is the hub for CEE/SEE travel
- .... Hotels and restaurants prices are, on an average, substantially lower than in other major European capitals.
4 VIAC arbitrations are tailored to the needs of the parties
- The Vienna Rules 2018 combine recent developments and well-tried provisions in order to create a modern set of rules.
- The conduct of proceedings may be determined by the parties and the tribunal.
- The parties can choose the language of the proceedings and the applicable substantive and procedural law.
- There are no restrictions on the parties´ choice of arbitrators.
- VIAC will appoint arbitrators where no agreement can be reached by the parties, thus ensuring that the proceedings are not stalled.
- The rules allow for the joinder of third parties and consolidation of proceedings in a flexible manner.
- Arbitral tribunals have the power to order interim and conservatory measures. Moreover, requests for security for costs are admissible.
- Arbitrators are required to inform the Secretariat and the parties of the anticipated date of the final award upon closure of the proceedings.
- Expedited arbitration proceedings are available, which will result in a final award within six months.
- VIAC administers mediation and other ADR-proceedings before, during or after arbitral proceedings.
5 Excellence and Experience
- VIAC has successfully administered more than 1,600 arbitral proceedings since its inception. It offers excellence, availability and individual attention to parties and their counsel at all times.
- VIAC offers mediation and other ADR-services.
- There is a wide choice of arbitrators who are experienced in their respective fields. VIAC-appointed tribunals include the leading arbitrators of the world.
- VIAC´s Board and Secretariat administer the proceedings swiftly and at the highest level of quality.
- VIAC´s Secretariat supports arbitrators and parties throughout the course of the proceedings.
6 VIAC offers ancillary services
- Hearing and breakout rooms.
- Audio and video equipment.
- Assistance with further logistical organization, e.g. identifying and obtaining court reporters or interpreters.
- In-house luncheons and catering services.
7 VIAC provides a link between academic and legal practice
- VIAC has a close link with the Austrian Arbitration Association and friendly relations with other major arbitral institutions.
- VIAC is also a recognized research partner for Austrian and foreign law schools.
- VIAC is a founding partner of the "Willem C. Vis International Arbitration Moot” and the "IBA-VIAC CDRC Mediation and Negotiation Competition", bringing together the best students from around the world to compete against each other before leading practitioners to develop their arbitration and negotiation skills.