If the parties wish to conduct Arb-Med-Arb proceedings, the following addition to the model arbitration clause should be included:
Furthermore, the parties agree to jointly consider, after due initiation of the arbitration, to conduct proceedings in accordance with the Mediation Investment Rules of the Vienna International Arbitral Centre (VIAC) of the Austrian Federal Economic Chamber (Vienna Investment Mediation Rules). Settlements that are generated in such proceedings shall be referred to the arbitral tribunal appointed in the arbitration. The arbitral tribunal may render an award on agreed terms reflecting the content of the settlement (Article 37 paragraph 1 Vienna Investment Arbitration Rules).
Parties may wish to stipulate the following in the mediation clause:
(1) the number of mediators or other third-party neutrals (e.g. one or two);
(2) the language(s) to be used in the proceedings (Article 6 Vienna Investment Mediation Rules);
(3) the substantive law applicable to the contractual relationship, the substantive law applicable to the mediation agreement, and the rules applicable to the proceedings (Article 1 paragraph 3 Vienna Investment Mediation Rules);
(4) the admissibility of parallel proceedings (Article 10 Vienna Investment Mediation Rules);
(5) the interruption of the statute of limitations or waiver to invoke the statute of limitations for a specific period of time.