Answer ... There are no express conflict of laws rules concerning arbitration agreements. According to legal scholars and the Austrian Supreme Court, the parties’ agreement as to the law applicable to the arbitration shall prevail, provided that it does not concern their capacity to enter into an arbitration agreement. If no such agreement exists, the seat of arbitration determines the law of the arbitration agreement.
Answer ... Section 603 of the ACCP governs the applicable substantive law. It provides that the tribunal shall decide on the dispute in accordance with the law agreed by the parties. Any agreement as to the law or the legal system of a given state shall be construed, unless the parties have expressly agreed otherwise, as a direct reference to the substantive law of that state and not to its conflict of laws rules. If no agreement as to the substantive law exists, the tribunal shall apply the law that it considers appropriate. The tribunal shall decide ex aequo et bono only if the parties have expressly authorised it to do so.