COMMERCIAL ARBITRATION ACT 2010 - SECT 33F Interest on debt under award

COMMERCIAL ARBITRATION ACT 2010 - SECT 33F

33F Interest on debt under award

(1) This section applies if:

(a) an arbitral tribunal makes an award for the payment of an amount of money, and

(b) under the award, the amount is to be paid by a particular day (the
"due date" ),

unless otherwise agreed by the parties.

(2) The arbitral tribunal may direct that interest, including compound interest, is payable if the amount is not paid on or before the due date.

(3) The arbitral tribunal may set a reasonable rate of interest.

(4) The interest is payable:

(a) from the day immediately following the due date, and

(b) on so much of the money as remains unpaid.

(5) The direction is taken to form part of the award.

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