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Part II EU Jurisdictions, 15 Austria »

Alexander Schmit, Martin Spitzer
From: Unfair Terms in Banking and Financial Contracts
Edited By: Danny Busch, Matthias Lehmann
This chapter considers unfair terms in financial contracts in Austria. It covers how the General Terms and Conditions (GTC) play a major role in the banking and finance sector, where complex, non-tangible products have to be defined by the contract. Unfair terms in financial contracts have been a significant issue in Austria in recent decades and continue to play a major role in the academic discourse. Moreover, the Austrian Supreme Court has adopted the tough stance taken by the Court of Justice of the European Union (CJEU) against unfair clauses and shows strong reluctance to fill contractual gaps. The chapter also considers the main examples of unfair or intransparent clauses, referencing in particular cases dealing with pension options in insurance law.