At the time of writing, the pandemic is still ongoing. In addition to the overriding issue of covid-19, the restitution of Nazi-looted art continues to be an issue. However, there seems to be a tendency to publicise these cases less, and give them a lower profile, than in the past. Read more … Mehr lesen »
Autoren Archiv: Peter M. Polak
AUSTRIA AND CORONA
1) CONCEPT OF UNFORSEEN CIRCUMSTANCES Under Austrian law, unforeseen and unforeseeable circumstances which are so substantial, that they tilt the balance between the parties of the economic risk of a (long term) contract, give a claim to adjustment or resiliation, depending on the magnitude of the impact. Hence pacta sunt servanda no longer applies in such circumstances. It is irrelevant whether ... Mehr lesen »
Increasing Energy Arbitration in Austria
Current changes in economic background trigger increase in energy related arbitration in Vienna (Austria) Recently, arbitration has become more and more crucial for the Austrian energy sector. A veritable surge in arbitration proceedings occurred particularly in the field of long term transportation contracts for natural gas and for storage contracts. Mehr lesen »