All disputes or claims arising out of or in connection with this contract, including disputes relating to its validity, breach, termination or nullity, shall first be submitted to proceedings in accordance with the Rules of Investment Mediation (Vienna Investment Mediation Rules) of the Vienna International Arbitral Centre (VIAC) of the Austrian Federal Economic Chamber.
In the event that within a period of [60]1 days from commencing proceedings under the Vienna Investment Mediation Rules the dispute or claims are not resolved, they shall be finally settled under the Rules of Investment Arbitration (Vienna Investment Arbitration Rules) of VIAC by one or three arbitrators appointed in accordance with the said Rules.2
1 or a different period of time agreed upon in writing by the parties
2 see the optional supplementary agreements for arbitration clauses
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.