International Arbitration Act 1994 · 2020 Revised Edition · Part 2 · International Commercial Arbitration
20. Interest on awards
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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 —
arbitral tribunal
“arbitral tribunal” means a sole arbitrator or a panel of arbitrators or a permanent arbitral institution, and includes an emergency arbitrator appointed pursuant to the rules of arbitration agreed to or adopted by the parties including the rules of arbitration of an institution or organisation;
any sum which is awarded by the arbitral tribunal in the arbitral proceedings;
any sum which is in issue in the arbitral proceedings but is paid before the date of the award; or
costs awarded or ordered by the arbitral tribunal in the arbitral proceedings.
Nothing in subsection (1) affects any other power of an arbitral tribunal to award interest.
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 12;
Where an award directs a sum to be paid, that sum, unless the award otherwise directs, carries interest as from the date of the award and at the same rate as a judgment debt.