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 »
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 »
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 »
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