Among the services offered, the Vienna Commodity Exchange has a Court of Arbitration, which was established by law and resolves disputes swiftly, competently and inexpensively and may also be called on to secure evidence in the form of expert opinions.

The Decree issued by the Federal Minister of Finance and of the Federal Minister for the Economy and Labor in agreement with the Federal Minister of Justice on the implementation of Art. XIII ILCCP - Introductory Law to the Code of Civil Procedure Rules of the Court of Arbitration of the Vienna Stock Exchange Federal Law Gazette II No. 230 of 25 July 2000 (pdf-file 15 KB).

Fourth Decree issued by the Federal Minister of Finance and the Federal Minister of Digital and Economic Affairs in agreement with the Federal Minister of Constitutional Affairs, Reforms, Deregulation and Justice on the implementation of Article XIII of the Introductory Law to the Code of Civil Procedure Schedule of Fees of the Court of Arbitration (pdf-file 13 KB).

Conditions for calling on the court of arbitration

Who?

Anyone who carries on a business regardless of whether such person is an individual, an Austrian or non-Austrian shall have the right to call the Court of Arbitration. It is not required that a business be registered in the Companies Register. However, one of the parties to the dispute (usually, the party filing the complaint) must be a member of the Vienna Commodity Exchange. To become a member, one has to apply and pay a one-time registration fee of EUR 200. The annual fees are EUR 100. One may resign from membership at any time.

What for?

The Vienna Commodity Exchange may be called for claims arising out of contracts for the purchase of goods as well as for claims for payment (These cases are processed fast, because defendants do not attempt to construe, for example unfounded quality complaints due to the expertise of the members on the arbitration panel.)

In which cases?

The competence of the Court of Arbitration must be agreed-on in writing by the disputing parties. It is recommended that the following clause be added to sales contracts (contract notes): "Arbitration clause: Both parties hereby agree that all disputes arising out of this contract or any other transactions concluded between the two parties to this contract shall be subject to the Rules of Arbitration and the Court of Arbitration of the Vienna Commodity Exchange, admitting no appeal, said court shall apply Austrian law."

In which cases should an expert opinion be obtained (taking samples)?

  • If the state of the goods will not improve by further storage.
  • If after a few weeks it will no longer be possible to clearly determine the state of the goods at the time of delivery.
  • If it cannot be examined whether or not a foreign expert who might be commissioned has the expert knowledge required and, above all, a knowledge of Austrian rules and regulations.
  • In cases in which without an expert opinion it would not be possible to furnish evidence because the goods have meanwhile been sold or processed.
  • In cases of unfounded claims of deficient quality, these are usually withdrawn after a date has been set for taking a sample.

Ursula Schönthaler

Legal & Compliance

ursula.schoenthaler(a)wienerboerse.at
T +43 1 531 65-255