12 Powers of arbitral tribunal in deciding disputes

(1)

An arbitration agreement, unless otherwise agreed by the parties, is deemed to provide that an arbitral tribunal—

(a)

may award any remedy or relief that could have been ordered by the High Court if the dispute had been the subject of civil proceedings in that court:

(b)

may award interest on the whole or any part of any sum which—

(i)

is awarded to any party, for the whole or any part of the period up to the day on which the sum awarded (including all interest) is paid in full; or

(ii)

is in issue in the arbitral proceedings but is paid before the date of the award, for the whole or any part of the period up to the date of payment.

(2)

Nothing in this section affects the application of section 10 or article 34(2)(b) or article 36(1)(b) of Schedule 1.

Section 12(1)(b)(i): amended, on 1 January 2018, by section 29 of the Interest on Money Claims Act 2016 (2016 No 51).