The Austrian arbitration law does not explicitly provide for limits regarding the types of remedies available. However, Austrian law does not provide for punitive damages.
1. Monetary Compensation
The type of arbitral award most often issued by an arbitral tribunal is one that orders the payment of a sum of money by one party to the other (monetary compensation). Such payment may represent money due under a contract (debt) or compensation (damages) for loss suffered. The amount awarded is usually expressed in the currency of the contract or the currency of the loss. Arbitral awards may also cover the following range of remedies:
Specific performance and restitution;
Declaratory relief; and
Rectification of written agreements.
Where an arbitral award provides for monetary compensation, it is uncommon for interest not to be awarded. The legal basis upon which interest is awarded in international arbitration varies. Most institutional rules (so the 2018 Vienna Rules) do not contain express provisions for the payment of interest, largely because it is understood that an arbitral tribunal has the power to make an award in respect of interest, as it has the power to render an award for any other claim submitted to it. The legal basis, therefore, has to be sought in the underlying contract or by virtue of the applicable (substantive) law.
In most arbitrations, an arbitral award also entails a decision oncosts. The term “costs” in the context of arbitration may be divided into two broad categories: the costs of the arbitration and the costs of the parties.
The costs of the parties include not only the fees and expenses of legal counsel engaged to represent the parties in the arbitral proceedings, but also expenses for the preparation and presentation of the case. Sometimes there will also be other professional fees and expenses, such as those of expert witnesses, including e.g. accountants, along with the hotel and travelling expenses of legal counsel, witnesses, and others involved.
The costs of the arbitration usually include the fees and travelling and other expenses payable to the individual members of the tribunal, and any related expenses including e.g. the fees and expenses of any administering institution (for ad hoc arbitration see supra I.). Also included in the costs of the arbitration are the fees and expenses of any administrative secretary, and any other incidental expenses incurred by the arbitral tribunal.
The costs for the use of conference rooms for meetings and hearings, as well as the fees and expenses of any translators, interpreters, transcript reporters, and any experts appointed by the arbitral tribunal are usually paid directly by the parties. These costs are generally paid by the parties in equal shares pending the tribunal’s final award, in which the tribunal usually apportions payment to one or more parties in whole or in part (see supra V.).