New version Rules on Arbitration and Mediation of Vienna International Arbitration Center entered into force on 1 July 2021 and will apply to all disputes initiated after 30 June 2021. Also the New Rules on Arbitration and Mediation of Investment Disputes entered into force on 1 July 2021.
The new version of Arbitration Rules addresses modern trends in international arbitration by establishing basis for online administration of disputes, submission and exchange of documents and online hearings, as well as third party funding of disputes.
As arbitration is frequently criticized for its slow procedure, to make arbitration more competitive the new version of the Rules established a deadline for delivery of an arbitral award – 3 months after last hearing or last written submission.
Also it shall be noted that model arbitration clause as well as arbitration fees were updated. However, Vienna arbitration remains competitive in terms of costs compared to other international arbitration centers. For details: https://www.viac.eu/de/schiedsverfahren/inhalte/wiener-regeln-aenderungen-gueltig-ab-1-juli-2021.