The parties agree that the present dispute shall 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. The proceedings shall be initiated by submitting a joint request. The registration fee shall be borne by the parties in equal shares.
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.