(1) This section
applies if —
(a) an
arbitral tribunal makes an award for the payment of an amount of money; and
(b)
under the award, the amount is to be paid by a particular day (the due date ),
unless otherwise
agreed by the parties.
(2) The arbitral
tribunal may direct that interest, including compound interest, is payable if
the amount is not paid on or before the due date.
(3) The arbitral
tribunal may set a reasonable rate of interest.
(4) The interest is
payable —
(a) from
the day immediately following the due date; and
(b) on
so much of the money as remains unpaid.
(5) The direction is
taken to form part of the award.
Note for this section:
There is no equivalent
to this section in the Model Law.