Victorian Consolidated Legislation

Commercial Arbitration Act 1984 - SECT 32

Interest on debt under award

32. Interest on debt under award



(1) Unless a contrary intention is expressed in the arbitration agreement,
where the arbitrator or umpire makes an award for the payment of money, the
arbitrator or umpire shall have power to direct that interest at the same rate
as that at which interest is payable on a judgment debt of the Supreme Court
shall be payable from the date of making of the award or such later date as
the arbitrator or umpire may specify on so much of the money as is from time
to time unpaid and any interest that so accrues shall be deemed to form part
of the award.

(2) If judgment is entered by the Court in terms of an award, interest shall
cease to accrue in pursuance of a direction under this section on the date of
the entry of the judgment.