Section 58Part 9 — AWARD
Interest
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58. (1) The arbitral tribunal may award interest to be paid on —
the whole or part of any amount which the award orders to be paid in respect of any period up to the date of the award;
the whole or part of any amount which is —
claimed in the arbitration and outstanding when the arbitration began; or to the date of payment; or
paid before the tribunal made its award, in respect of any period up
the outstanding amount of any amounts awarded, including any award of arbitration expenses or pre-award interest under paragraph (a) or (b) in respect of any period from the date of the award up to the date of payment.
An award ordering payment of interest may specify —
the interest rate; and
the period for which interest is payable.
Unless the award otherwise directs, the award shall carry interest from the date of the award and at the same rate as a judgment debt in accordance with the relevant rules of court.
An award may make different interest provision in respect of different amounts.
Interest is to be calculated —
in the manner agreed by the parties; or Section 59 Arbitration Law, 2012 Page 34 Law 3 of 2012 c
where there is no agreement, in a manner determined by the arbitral tribunal.
This section does not affect any other power of the tribunal to award interest.