Book excerpt: This book examines the new Vienna Rules and the Austrian Arbitration Act that both came into effect on 1 July 2006 as the result of a major reform. It is devoted to two principles. First, it recognizes that no two international arbitrations are the same. Arbitration thrives, and is today the predominant method of transnational dispute resolution, because it meets the demands of international business for flexibility and efficacy. Arbitration will continue to succeed if it retains those properties, allowing for the adoption of procedures that are customized to satisfy the commercial prerogatives of the individual case. This book seeks to provide its readers with a general framework, and specific instruments, to negotiate that process.