Legal News

VIAC to amend Vienna Rules for arbitration agreements

Published on: 06 September 2024
Published by LNB News

LNB News 06/09/2024

Document Information

Issue Date: 06 September 2024

Published Date: 06 September 2024

Jurisdiction(s): World

Article summary

The Vienna Arbitration Centre (VIAC) has announced plans to amend arbitration agreements which address shareholder disputes concerning defective resolutions following a decision by the Austrian Supreme Court. Due to this development, the VIAC has assembled a specialised working group consisting of experts from both academia and practice. This group's mandate is to draft an amendment to the Vienna Rules, ensuring that they reflect the prerequisites outlined by the Austrian Supreme Court, including the proper involvement of all shareholders in the formation of the arbitral tribunal and throughout the arbitration proceedings.

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