Arbitration Act · 2024 Revised Edition · Part · Award
35. Interest
Official textFrom Attorney General's Chambers, unchanged
The arbitral tribunal may award interest, including interest on a compound basis, on the whole or any part of any sum that —
arbitral tribunal
“arbitral tribunal” means a sole arbitrator, a panel of arbitrators or an arbitral institution;
is awarded to any party; or
is in issue in the arbitral proceedings but is paid before the date of the award, for the whole or any part of the period up to the date of the award or payment, whichever is applicable.
A sum directed to be paid by an award shall, unless the award otherwise directs, carry interest as from the date of the award and at the same rate as a judgment debt.
award
“award” means a decision of the arbitral tribunal on the substance of the dispute and includes any interim, interlocutory or partial award, but excludes any order or direction made under section 28;
Arbitration
Terms defined in s 2
arbitral tribunal
Defined · s 2“arbitral tribunal” means a sole arbitrator, a panel of arbitrators or an arbitral institution;
award
Defined · s 2“award” means a decision of the arbitral tribunal on the substance of the dispute and includes any interim, interlocutory or partial award, but excludes any order or direction made under section 28;
party
Defined · s 2“party” means a party to an arbitration agreement or, in any case where an arbitration does not involve all of the parties to the arbitration agreement, means a party to the arbitration;
Part
Powers of Court in Relation to Award
Part