This book examines the new Vienna Rules and the Austrian Arbitration Act thatboth came into effect on 1 July 2006 as the result of a major reform. It is devoted totwo principles. First, it recognizes that no two international arbitrations are thesame. Arbitration thrives, and is today the predominant method of transnationaldispute resolution, because it meets the demands of international business forflexibility and efficacy. Arbitration will continue to succeed if it retains thoseproperties, allowing for the adoption of procedures that are customized to satisfythe commercial prerogatives of the individual case. This book seeks to provideits readers with a general framework, and specific instruments, to negotiate thatprocess.