Court of arbitration, composed of non-governmental decision-making institutions which are called by mutual agreement of the parties to determine an award in private law cases. There are two types of courts of arbitration, those which only convene as required and institutionalised courts of arbitration, which are permanently set up by institutions such as the Austrian Central Bank or the Austrian Stock Exchange. Awards and settlements made by the court of arbitration have the same legal status as those of state courts; however, courts of arbitration do not have any jurisdiction to impound the possessions of either party. The Austrian Code of Civil Procedure contains a mechanism by which state courts can monitor courts of arbitration in matters concerning procedure and awards.
Literature#H. W. Fasching, Schiedsgerichte und Schiedsverfahren im oesterreichischen und im internationalen Recht, 1973; G. Backhausen, Schiedsgerichtsbarkeit unter besonderer Beruecksichtigung des Schiedsvertragsrechts, 1990.