!!!Schiedsgericht

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.


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