Parties may agree to submit to arbitration in accordance with the Vienna Investment Arbitration Rules any dispute, including under a contract, treaty, statute or other instrument and involving a State, State-controlled entity or intergovernmental organization.

Where the parties to a contract wish to submit a dispute to arbitration in accordance with the Vienna Investment Arbitration Rules, they may insert in the contract an arbitration clause in the following form:

Model Arbitration Clause for Cntracts:

All disputes or claims arising out of or in connection with this contract, including disputes relating to its validity, breach, termination or nullity, shall be finally settled under the Rules of Investment Arbitration (Vienna Investment Arbitration Rules) of the Vienna International Arbitral Centre (VIAC) of the Austrian Federal Economic Chamber by one or three arbitrators appointed in accordance with the said Rules.

 

Parties may wish to stipulate the following in the arbitration clause:

(1) the number of arbitrators (one or three) (Article 17 Vienna Investment Arbitration Rules);

(2) the language(s) to be used in the arbitral proceedings (Article 26 Vienna Investment Arbitration Rules);

(3) the substantive law applicable to the contractual relationship, the substantive law applicable to the arbitration agreement (Article 27 Vienna Investment Arbitration Rules), and the rules applicable to the proceedings (Article 28 Vienna Investment Arbitration Rules);

(4) the place of arbitration (Article 25 Vienna Investment Arbitration Rules);

(5) the applicability of the provisions on expedited proceedings (Article 45 Vienna Investment Arbitration Rules);

(6)  the scope of the arbitrators’ confidentiality (Article 16 paragraph 2 Vienna Investment Arbitration Rules) and its extension regarding parties, representatives and experts.

(7) 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).