COMMERCIAL ARBITRATION ACT 2010 - SECT 33E Interest up to making of award

COMMERCIAL ARBITRATION ACT 2010 - SECT 33E

33E Interest up to making of award

(1) Unless otherwise agreed by the parties, where an arbitral tribunal makes an award for the payment of money (whether on a claim for a liquidated or an unliquidated amount), the arbitral tribunal may include in the sum for which the award is made interest, at such reasonable rate as the arbitral tribunal determines:

(a) on the whole or any part of the money, and

(b) for the whole or any part of the period between the date on which the cause of action arose and the date on which the award is made.

(2) Subsection (1) does not:

(a) authorise the awarding of interest on interest awarded under this section, or

(b) apply in relation to any amount on which interest is payable as of right whether because of an agreement or otherwise, or

(c) affect the damages recoverable for the dishonour of a bill of exchange.

Note : There is no equivalent to this section in the Model Law.