Vereinigte Osterreichische Eisen und Stahlwerke, A. G. v. Modular Building & Development Corp.

Plaintiff seeks a declaratory judgment that an agreement between it and the defendants is void and unenforceable under the laws of the State of New York, and that arbitration provided for therein should be stayed.

Plaintiff is a large Austrian iron and steel works with offices and employees all over the world. In January, 1965, it entered into a contract with defendants, designers and developers of a modular system of prefabricated construction. Under the agreement defendants granted to the plaintiff an exclusive license to use its designs and information in the manufacture, sale and erection…