Recommended Arbitration clause
"All disputes arising out of this contract or related to its violation, termination or nullity shall be finally settled under the Rules of Arbitration and Conciliation of the International Arbitral Centre of the Austrian Federal Economic Chamber in Vienna (Vienna Rules) by one or more arbitrators appointed in accordance with these rules."
Appropriate supplementary provisions:
a) the number of arbitrators shall be ........ (one or three);
b)the substantive law of .............. shall be applicable;*)
c) the language to be used in the arbitral proceedings shall be ..................... .
Parties having concluded the arbitration agreement as businessmen may waive their right to have recourse against an award in Austria on those grounds on which recourse may be had against a court judgment by way of an application for reopening the case. If this is desired, it is recommended that the following be added:
"Pursuant to para. 598 (2) of the Austrian Code of Civil Procedure (ZPO), the parties expressly waive the application of para. 595 (1) figure 7 of the said Code."
*) In this context, consideration should be given to the possible application of the United Nations Convention on Contracts for the International Sale of Goods, 1980.