Cap. 387 Art. 63Interest up to making of award.

(1) Unless the parties to an arbitration agreement falling under this Part of this Act have otherwise agreed, when an arbitral tribunal determines to make an award for the payment of money (whether on a claim for a liquidated or an unliquidated amount), the tribunal may, subject to subarticle (2), include in the sum for which the award is made interest at such a reasonable rate as the tribunal may determine on the whole or any part of the money, and 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) Subarticle (1) does not -

(a) authorise the awarding of interest upon interest;

(b) apply in relation to any amount upon which interest is payable as of right whether by virtue of an agreement or otherwise; and

(c) affect the damages that may be recoverable as a result tribunal makes an award for the payment of money, the tribunal may direct that interest at such reasonable rate as the tribunal may determine, is payable, from the date referred to in Article 31(3) of the Model Law or such later day as the tribunal specifies.