New Austrian Arbitration Law
On 1.7.2006 the long-awaited new Austrian Law on Arbitration entered into force. Like the former regime, the new provisions were implemented as part of the Austrian Code of Civil Procedure ("Ziviliprozeßordnung - ZPO"): the new provions are numbered §§ 577 - 618 ZPO and they supersede the former §§ 577 - 598 ZPO, which however remain in force for arbitral proceedings which were pending before 30.6.2006.
As an immediate reaction to the new Arbitration Act, the International Arbitral Centre of the Austrian Federal Economic Chamber ammended its arbitration rules (Vienna Rules). For further information refer to http://www.wko.at/arbitration/or contact us.