<\/sup><\/span><\/p>\n<\/sup><\/span><\/p>\n[*] <\/sup><\/span>The clause was drafted in co-operation with the Austrian law firms Wolf Theiss and Graf&Pitkowitz and has been reviewed by the International Swaps and Derivatives Association (ISDA).<\/p>\n[1]<\/sup><\/span> Austrian arbitration law does not contain a specific provision concerning the law governing the arbitration agreement. In order to avoid any ambiguity, it is recommended to expressly agree on that law.<\/p>\n[2]<\/sup><\/span> Amend as necessary.<\/p>\n[3]<\/sup><\/span> Pursuant to Article 17(1) and (2) of the Rules, the parties may agree whether the arbitral proceedings will be conducted by a sole arbitrator or a panel of three arbitrators. Absent agreement on the number of arbitrators, the Board of the VIAC shall determine whether the dispute will be decided by a sole arbitrator or by a panel of three arbitrators. Article 17(3) of the Rules provides that if the dispute is to be resolved by a sole arbitrator, the parties shall jointly nominate a sole arbitrator within 30 days after receiving the Secretary General\u2019s request. If such nomination is not made within this time period, the sole arbitrator shall be appointed by the Board of the VIAC.<\/p>\n[4]<\/sup><\/span>\u00a0Article 17(4) of the Rules provides that if the dispute is to be resolved by a panel of arbitrators, each party shall nominate, in the Statement of Claim and the Answer to the Statement of Claim respectively, an arbitrator. If a party fails to do so (also after 30 days have passed since receiving a respective request by the Secretary General of the VIAC to make a nomination), that arbitrator shall be appointed by the Board of the VIAC. Article 17(5) of the Rules stipulates that the co-arbitrators shall jointly nominate a chairperson. If such nomination is not made within 30 days after the Secretary General has requested them to make a nomination, the chairperson shall be appointed by the Board of the VIAC.<\/p>\n[5]<\/sup><\/span> This provision operates to amend Article 17(5) of the Rules (which provides that the co-arbitrators shall jointly nominate a chairperson), This amendment is permissible pursuant to Article 17(1) of the Rules.<\/p>\n[6]<\/sup><\/span> Pursuant to Article 26 of the Rules, absent party agreement on the language or languages of the arbitration, immediately after transmission of the file the arbitral tribunal shall determine the language or languages, having due regard to all circumstances, including the language of the contract.<\/p>\n[7]<\/sup><\/span> Note that in the event it is necessary to seek interim measures from a court before an arbitral tribunal is appointed, it might be useful if a process agent has been appointed. The process agent should be an individual or an entity in Austria. However, a process agent is not necessary for the purposes of the arbitration proceedings themselves.<\/p>\n[8]<\/sup><\/span> If using the 1992 ISDA Master Agreement, use the following provision instead of (c): (c) Section 2(e) shall be amended by adding the words “or arbitral award” after the words “before as well as after judgment”.<\/p>\n[9]<\/sup><\/span> If using the 1992 ISDA Master Agreement, use the following provision instead of (d)(ii): (d)(ii) adding the following definition of “Proceedings”: “”Proceedings” has the meaning specified in Section 13(d)”.[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"VIAC-ISDA Musterklausel MODEL CLAUSE FOR VIAC RULES (VIENNA SEAT)[*] This arbitration clause is intended for use where: The underlying agreement is a 2002 ISDA Master Agreement (see footnotes for suggested amendments for use with a 1992 ISDA Master Agreement) The institutional rules are the VIAC Rules The seat of arbitration is Vienna The underlying agreement is governed by English law or New York law The law governing the arbitration clause is Austrian law Where not all of the above conditions are met, this clause may require adaptation. The following clause is designed for use with a 2002 ISDA Master Agreement. Section 13 of the 1992 ISDA Master Agreement corresponds to Section 13 of the 2002 ISDA Master Agreement in those parts that are material to the amendments made by this model clause. However, Section 14 of the 1992 ISDA Master Agreement does not contain a definition of the term \u201cProceedings\u201d; note, therefore, the alternative wording suggested for insertion in Part 5 of the Schedule where using the 1992 ISDA Master Agreement. The following provisions should be included in Part 4 of the Schedule. The Governing Law clause provides for English or New York governing law (a choice of one or […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":1042,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","ngg_post_thumbnail":0,"footnotes":""},"class_list":["post-1611","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.viac.eu\/en\/wp-json\/wp\/v2\/pages\/1611","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.viac.eu\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.viac.eu\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.viac.eu\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.viac.eu\/en\/wp-json\/wp\/v2\/comments?post=1611"}],"version-history":[{"count":63,"href":"https:\/\/www.viac.eu\/en\/wp-json\/wp\/v2\/pages\/1611\/revisions"}],"predecessor-version":[{"id":2492,"href":"https:\/\/www.viac.eu\/en\/wp-json\/wp\/v2\/pages\/1611\/revisions\/2492"}],"up":[{"embeddable":true,"href":"https:\/\/www.viac.eu\/en\/wp-json\/wp\/v2\/pages\/1042"}],"wp:attachment":[{"href":"https:\/\/www.viac.eu\/en\/wp-json\/wp\/v2\/media?parent=1611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}