Singapore legislation

Clause 9

of International Arbitration (Amendment) Bill

Clause 9

Repeal and re-enactment of section 20

Section 20 of the principal Act is repealed and the following section substituted therefor:“Interest on awards20.—

(1)

Subject to subsection (3), unless otherwise agreed by the parties, an arbitral tribunal may, in the arbitral proceedings before it, award simple or compound interest from such date, at such rate and with such rest as the arbitral tribunal considers appropriate, for any period ending not later than the date of payment on the whole or any part of —

(a)

any sum which is awarded by the arbitral tribunal in the arbitral proceedings;

(b)

any sum which is in issue in the arbitral proceedings but is paid before the date of the award; or

(c)

costs awarded or ordered by the arbitral tribunal in the arbitral proceedings.(2) Nothing in subsection (1) shall affect any other power of an arbitral tribunal to award interest.(3) Where an award directs a sum to be paid, that sum shall, unless the award otherwise directs, carry interest as from the date of the award and at the same rate as a judgment debt.”.

Read in full context — International Arbitration (Amendment) Bill →