Interest on debt under award
33F Interest on debt under award
This section applies if:
an arbitral tribunal makes an award for the payment of an amount of money, and
under the award, the amount is to be paid by a particular day (the due date),
unless otherwise agreed by the parties.
The arbitral tribunal may direct that interest, including compound interest, is payable if the amount is not paid on or before the due date.
The arbitral tribunal may set a reasonable rate of interest.
The interest is payable:
from the day immediately following the due date, and
on so much of the money as remains unpaid.
The direction is taken to form part of the award.
Note—
There is no equivalent to this section in the Model Law.
This Act’s bill:Explanatory memorandumSecond reading speech
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